Investments accounted for by the equity method consist of the following as of December 31, 2011 and 2010:

Tatex Thailand II, LLC

During 2005, the Company purchased a 23.5% ownership interest in Tatex Thailand II, LLC ("Tatex") at a cost of $2,400,000. The remaining interests in Tatex are owned by entities controlled by Wexford. Tatex, a non-public entity, holds 85,122 of the 1,000,000 outstanding shares of APICO, LLC ("APICO"), an international oil and gas exploration company. APICO has a reserve base located in Southeast Asia through its ownership of concessions covering two million acres which includes the Phu Horm Field. During 2011, Gulfport received $870,000 in distributions, reducing its total net investment in Tatex to $1,030,000. The loss on equity investment related to Tatex was immaterial for the years ended December 31, 2011, 2010 and 2009.

Tatex Thailand III, LLC

During the first quarter of 2008, the Company purchased a 5% ownership interest in Tatex Thailand III, LLC ("Tatex III") at a cost of $850,000. In December 2009, the Company purchased an additional approximately 12.9% ownership interest at a cost of approximately $3,385,000 bringing its total ownership interest to approximately 17.9%. Approximately 68.7% of the remaining interests in Tatex III are owned by entities controlled by Wexford. During the year ended December 31, 2011, Gulfport paid $3,794,000 in cash calls, increasing its total net investment in Tatex III to $8,282,000. The Company recognized a loss on equity investment of $172,000, $224,000 and $207,000 for the years ended December 31, 2011, 2010 and 2009, respectively, which is included in loss from equity method investments in the consolidated statements of operations.

Grizzly Oil Sands ULC

During the third quarter of 2006, the Company, through its wholly owned subsidiary Grizzly Holdings Inc., purchased a 24.9999% interest in Grizzly, a Canadian unlimited liability company, for approximately $8,199,000. The remaining interests in Grizzly are owned by entities controlled by Wexford. Since 2006, Grizzly has continued to acquire leases in the Athabasca region located in the Alberta Province near Fort McMurray near other oil sands development projects. Grizzly has drilled core holes and water supply test wells in nine separate lease blocks for feasibility of oil production and conducted a seismic program. In March 2010, Grizzly filed an application in Alberta, Canada for the development of a SAGD facility at Algar Lake. In November 2011, the Government of Alberta provided a formal Order-in Council authorizing the Alberta Energy Resources Conservation (ERCB) to issue formal regulatory approval of the project. Fabrication and onsite construction on the first phase of development at Algar Lake is currently underway. As of December 31, 2011 and 2010, Gulfport's net investment in Grizzly was $69,008,000 and $26,454,000, respectively. Grizzly's functional currency is the Canadian dollar. The Company's investment in Grizzly was decreased by $855,000 as a result of a currency translation loss for the year ended December 31, 2011 and increased by $1,313,000 as a result of a currency translation gain for the year ended December 31, 2010. The Company recognized a loss on equity investment of $1,592,000, $740,000 and $498,000 for the years ended December 31, 2011, 2010 and 2009, respectively, which is included in loss from equity method investments in the consolidated statements of operations.

The Company, through its wholly owned subsidiary Grizzly Holdings Inc., entered into a loan agreement with Grizzly effective January 1, 2008, under which Grizzly borrowed funds from the Company. Borrowed funds initially bore interest at LIBOR plus 400 basis points and had an original maturity date of December 31, 2012. Effective April 1, 2010, the loan agreement was amended to modify the interest rate to 0.69% and change the maturity date to December 31, 2011. Effective October 15, 2010, the loan agreement was further amended to change the maturity date to December 31, 2012. Interest was paid on a paid-in-kind basis by increasing the outstanding balance of the loan. The Company loaned Grizzly approximately $3,182,000 during the year ended December 31, 2011. The Company recognized interest income of approximately $147,000, $267,000 and $547,000 for the years ended December 31, 2011, 2010 and 2009, respectively, which is included in interest income in the consolidated statements of operations. The note balance was decreased by approximately $1,085,000 as a result of a currency translation loss for the year ended December 31, 2011 and increased by $942,000 as a result of a currency translation gain for the year ended December 31, 2010. Effective December 7, 2011, Grizzly Holdings Inc. entered into a debt settlement agreement with Grizzly under which Grizzly agreed to satisfy the entire outstanding debt by issuing additional common shares of Grizzly with no effect to the composition of ownership structure of Grizzly. At such date, the Company's investment in Grizzly increased by the total $22,325,000 outstanding advances and accrued interest due from Grizzly, the cumulative $75,000 currency translation loss for the note receivable was adjusted through accumulated other comprehensive income and the note receivable was considered paid in full.

The table below summarizes financial information for Grizzly as of December 31, 2011, 2010 and 2009:

Bison Drilling and Field Services LLC

During the third quarter of 2011, the Company purchased a 25% ownership interest in Bison Drilling and Field Services LLC ("Bison") at a cost of $6,009,000, subject to adjustment. The remaining interests in Bison are owned by entities controlled by Wexford. Bison owns and operates four drilling rigs. The Company recognized income on equity investment of $357,000 for the year ended December 31, 2011, which is included in loss from equity method investments in the consolidated statements of operations.

Muskie Holdings LLC

During the fourth quarter of 2011, the Company purchased a 25% ownership interest in Muskie Holdings LLC ("Muskie") at a cost of $2,142,000, subject to adjustment. The remaining interests in Muskie are owned by entities controlled by Wexford. Muskie holds certain rights in a lease covering land in Wisconsin that is prospective for mining oil and natural gas fracture grade sand. The loss on equity investment related to Muskie was immaterial for the year ended December 31, 2011.