Exhibit 99.1

Gulfport Energy Corporation Reports Fourth Quarter and Year-End 2010 Results

OKLAHOMA CITY (March 14, 2011) Gulfport Energy Corporation (NASDAQ: GPOR) today reported financial and operational results for the quarter and year ended December 31, 2010 and provided an update on its 2011 activities.

For the quarter ended December 31, 2010, Gulfport reported net income of $14.3 million on oil and gas revenues of $38.0 million, or $0.32 per diluted share. For the fourth quarter of 2010, EBITDA (as defined below) was $27.1 million and cash flow from operating activities before changes in working capital was $26.9 million.

For the year ended December 31, 2010, Gulfport reported net income of $47.4 million on oil and gas revenues of $127.6 million, or $1.07 per diluted share. For 2010, EBITDA (as defined below) was $89.7 million and cash flow from operating activities before changes in working capital was $87.8 million.

Financial Highlights

Production

For the fourth quarter of 2010, net production was 491,071 barrels of oil, 164,217 thousand cubic feet (“MCF”) of natural gas and 767,647 gallons of natural gas liquids (“NGL”), or 536,718 BOE. Net production for the fourth quarter of 2010 by region was 454,025 BOE in Southern Louisiana, 72,791 BOE in the Permian Basin and 9,902 BOE in the Niobrara and Bakken. For 2010, Gulfport recorded net production of 1,777,056 barrels of oil, 788,163 MCF of natural gas and 2,820,704 gallons of NGL, or 1,975,576 BOE.

Realized price for the fourth quarter of 2010 including transportation costs was $74.32 per barrel of oil, $3.99 per MCF of natural gas and $1.07 per gallon of NGL, for a total equivalent of $70.75 per BOE. Realized price for the full-year 2010 including transportation costs was $68.29 per barrel of oil, $4.40 per MCF of natural gas and $1.00 per gallon of NGL, for a total equivalent of $64.61 per BOE.

Gulfport Energy Corporation

Production Schedule

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Year-End 2010 Reserves

Gulfport reported year-end 2010 total proved reserves of 22.4 million BOE, a 13% increase over year-end 2009 proved reserves, and consisted of 19.7 barrels of oil and 16.2 billion cubic feet of natural gas. In addition, Gulfport’s third party engineers issued a probable reserve report, estimating 18.9 million barrels of oil and 14.1 billion cubic feet of natural gas, or 21.3 million BOE. At year-end 2010, 18% of Gulfport’s proved reserves were classified as proved developed reserves.

GULFPORT ENERGY CORPORATION

DECEMBER 31, 2010 NET RESERVES

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In accordance with SEC guidelines (“SEC Case”), for the year-end 2010, reserve calculations were based on the average first day of the month price for the prior 12 months. The prices utilized for Gulfport’s year-end 2010 reserve report were $76.16 per barrel of crude oil and $4.38 per MMBTU of natural gas. Utilizing these prices, the present value of Gulfport’s total proved reserves discounted at 10% (referred to as “PV-10”) was $393 million at December 31, 2010, which represents a 49% increase from year-end 2009. The PV-10 value of our total proved and probable reserves was $679 million at December 31, 2010, which represents a 93% increase from year-end 2009. In addition to the SEC Case, Gulfport has also prepared estimates of its year-end PV-10 values using two alternate commodity price assumptions. The following table summarizes Gulfport’s PV-10 values as of December 31, 2010 under each of the three cases.

GULFPORT ENERGY CORPORATION

DECEMBER 31, 2010 PV-10 Sensitivities

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Oil Sands Reserves and Resource

Effective October 1, 2010, third party engineers, GLJ Petroleum Consultants Ltd. (“GLJ”), provided an assessment report to Grizzly Oil Sands ULC (“Grizzly”), a company in which Gulfport holds an approximate 25% equity interest, estimating that Grizzly has 98 million barrels of Proved + Probable (2P) reserves attributable to the Algar Lake Project, 1.850 billion barrels of Best Estimate (P50) Contingent Resource and 202 million barrels of Best Estimate (P50) Prospective Resource. Mapping for the independent reserve and resource assessment identified that Grizzly had 14.2 billion barrels of discovered bitumen initially in place and 4.5 billion barrels of undiscovered bitumen initially in place. Grizzly’s properties to be explored during the upcoming 2010/2011 winter drilling season were not included in GLJ’s evaluation.

The following table summarizes GLJ’s determination of Grizzly’s reserves and resources effective October 1, 2010.

The GLJ reserve and resource assessment report was prepared in accordance with National Instrument 51-101 using the assumptions and methodology outlined in the Canadian Oil and Gas Evaluation Handbook. For important qualifications and limitations relating to these oil sands reserves and resources, please see “Oil Sands Reserves & Resources Notes” below.

Operational Highlights

Operational Update

Thailand

Tatex III, a company in which Gulfport owns a 17.9% interest, recently concluded drilling operations on TEW-E, the second of two exploratory wells being drilled on an approximate one-million acre concession block in northeastern Thailand. TEW-E was drilled to a total depth of 15,026 feet and logged over 5,000 feet of apparent possible gas saturated column. TEW experienced gas shows and carried a flare measuring up to 25 feet throughout drilling below the intermediate casing point of 9,695 feet. Tatex III is currently in the process of completing the well and preparing it for flow testing. Tatex III’s first exploratory well, TEW-B, was temporarily abandoned pending further scientific evaluation.

Canadian Oil Sands

In the Canadian Oil Sands, Grizzly is currently conducting an active winter drilling program. Grizzly has drilled a total 68 core holes to-date and currently anticipates drilling a total of 71 core holes by the end of the 2010/2011 winter drilling season. Grizzly currently plans to issue an updated reserve and resource report integrating the results of its 2010/2011 winter drilling program in mid-2011.

Permian

In the Permian, 25 gross (11.2 net) wells were drilled and four gross (2 net) up-hole recompletions were performed on Gulfport’s acreage during 2010. In addition, Gulfport continued to add to its acreage position in the Permian in 2010, most recently acquiring an additional 800 net acres in Andrews County during the fourth quarter of 2010, bringing Gulfport’s total position in the play to 14,723 net acres. Subsequent to 2010, five gross (2.5 net) wells have been spud on Gulfport’s acreage two of which are currently drilling ahead.

Hackberry

At East Hackberry, Gulfport drilled and completed eight productive wells and performed ten recompletions during 2010. At present, a barge rig is drilling ahead at a depth of approximately 6,604 feet on Gulfport’s joint exploration lands at Central Hackberry. In addition, Gulfport also has a land rig active at East Hackberry and is currently drilling ahead at a depth of approximately 7,202 feet on the second well of 2011 at East Hackberry.

WCBB

At WCBB, Gulfport drilled and completed 23 productive wells and performed 72 recompletions during 2010. Subsequent to 2010, Gulfport has drilled and completed two productive wells at WCBB and performed twelve recompletions during 2011. The barge rig has since mobilized to East Hackberry and is currently drilling Gulfport’s Central Hackberry prospect that was acquired through a joint exploration agreement in 2009.

Niobrara

In the Niobrara, permitting activity related to Gulfport’s 60 square mile 3-D seismic survey over Gulfport’s Craig Dome prospect is ongoing. Due to early season winter storms which deposited a thick layer of insulating snow, the land encompassed by Gulfport’s planned 3-D seismic survey did not freeze adequately to facilitate seismic operations during the winter 2011 without damaging the surface. As such, Gulfport currently expects to begin shooting the 3-D seismic survey over its Craig Dome prospect in mid 2011. Gulfport currently plans to drill approximately four to five gross wells at its Craig Dome prospect during 2011.

Utica

In February 2011, Gulfport entered into an agreement to acquire certain leasehold interests located in the Utica Shale in Ohio. The agreement also grants Gulfport an exclusive right of first refusal for a period of six months on certain additional tracts

leased by the seller. Windsor, an entity controlled by Wexford Capital and the operator of our acreage in the Permian, has agreed to participate on a 50/50 basis in the acquisition of all of the leases described above. Gulfport will be the operator on this acreage in the Utica Shale. The purchase price for Gulfport’s 50% interest in the initial acreage is approximately $31,625,000, subject to certain closing adjustments. This transaction is expected to close in mid-May 2011. Gulfport currently estimates it proposed acreage position in the Utica Shale to be approximately 27,500 gross (13,750 net) acres.

Presentation

An updated presentation has been posted to the Company’s website. The presentation can be found at www.gulfportenergy.com under the “Webcasts & Presentations” section on the “Investor Relations” page. Information on the Company’s website does not constitute a portion of this press release.

2011 Guidance

Gulfport estimates 2011 production to be in the range of 2.2 million to 2.4 million BOE. Capital expenditures for 2011 are estimated to be in the range of $127 million to $133 million prior to any new acreage or asset acquisitions, excluding the Utica Shale acquisition. Operationally, Gulfport plans to drill 20 to 24 wells at WCBB, seven to ten wells at Hackberry, 40 to 42 gross wells in the Permian Basin, and four to five gross wells in the Niobrara. In Canada, Gulfport is currently participating in Grizzly’s 2010/2011 winter drilling program and plans to fund its portion of expenditures related to the construction of Grizzly’s Algar Lake Project.

For 2011, Gulfport projects lease operating expense to be in the range of $8.00 to $9.50 per BOE, general and administrative expense to be between $2.50 to $3.50 per BOE, production taxes to be between $9.50 to $10.50 per BOE and depreciation, depletion and amortization expense to be in the range of $22.00 to $23.00 per BOE.

GULFPORT ENERGY CORPORATION

2011 GUIDANCE

Conference Call

Gulfport will host a conference call on March 14, 2011 at 8:00 a.m. Central Time to discuss its fourth quarter and full-year 2010 financial and operational results. Interested parties may listen to the call via Gulfport’s website at www.gulfportenergy.com or by calling 1-866-271-5140. The passcode for the call is 93257372. A replay of the call will be available for two weeks at 1-888-286-8010. The replay passcode is 97334710. The webcast will be archived on the Company’s website for one year and can be accessed on the Company’s “Investor Relations” page.

About Gulfport

Gulfport Energy Corporation is an Oklahoma City-based independent oil and natural gas exploration and production company with its principal producing properties located along the Louisiana Gulf Coast and the Permian Basin in West Texas. Gulfport recently acquired an acreage position in the Niobrara Shale of Western Colorado. Gulfport also holds a sizeable acreage position in the Alberta Oil Sands in Canada through its interest in Grizzly Oil Sands ULC.

Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Gulfport expects or anticipates will or may occur in the future, including such things as future capital expenditures (including the amount and nature thereof), business strategy and measures to implement strategy, competitive strength, goals, expansion and growth of Gulfport’s business and operations, plans, market conditions, references to future success, reference to intentions as to future matters and other such matters are forward-looking statements. These statements are based on certain assumptions and analyses made by Gulfport in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with Gulfport’s expectations and predictions is subject to a number of risks and uncertainties, general economic, market, credit or business conditions; the opportunities (or lack thereof) that may be presented to and pursued by Gulfport; competitive actions by other oil and gas companies; changes in laws or regulations; and other factors, many of which are beyond the control of Gulfport. Information concerning these and other factors can be found in the Company’s filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K. Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements and there can be no assurances that the actual results or developments anticipated by Gulfport will be realized, or even if realized, that they will have the expected consequences to or effects on Gulfport, its business or operations. Gulfport has no intention, and disclaims any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

Non-GAAP Financial Measures

EBITDA is a non-GAAP financial measure equal to net income, the most directly comparable GAAP financial measure, plus interest expense, income tax expense, accretion expense and depreciation, depletion and amortization. Cash flow from operating activities before changes in operating assets and liabilities is a non-GAAP financial measure equal to cash provided by operating activity before changes in operating assets and liabilities. The Company has presented EBITDA because it uses EBITDA as an integral part of its internal reporting to measure its performance and to evaluate the performance of its senior management. EBITDA is considered an important indicator of the operational strength of the Company’s business. EBITDA eliminates the uneven effect of considerable amounts of non-cash depletion, depreciation of tangible assets and amortization of certain intangible assets. A limitation of this measure, however, is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in the Company’s business. Management evaluates the costs of such tangible and intangible assets and the impact of related impairments through other financial measures, such as capital expenditures, investment

spending and return on capital. Therefore, the Company believes that EBITDA provides useful information to its investors regarding its performance and overall results of operations. EBITDA and cash flow from operating activities before changes in operating assets and liabilities are not intended to be performance measures that should be regarded as an alternative to, or more meaningful than, either net income as an indicator of operating performance or to cash flows from operating activities as a measure of liquidity. In addition, EBITDA and cash flow from operating activities before changes in operating assets and liabilities are not intended to represent funds available for dividends, reinvestment or other discretionary uses, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The EBITDA and cash flow from operating activities before changes in operating assets and liabilities presented in this press release may not be comparable to similarly titled measures presented by other companies, and may not be identical to corresponding measures used in the Company’s various agreements.

Oil Sands Reserves and Resource Notes:

GULFPORT ENERGY CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

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GULFPORT ENERGY CORPORATION

CONSOLIDATED BALANCE SHEETS

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Gulfport Energy Corporation

Reconciliation of EBITDA and Cash Flow

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Investor & Media Contact:

Paul K. Heerwagen

Director, Investor Relations

pheerwagen@gulfportenergy.com

405-242-4888