Gulfport Energy Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Fair Value Of Financial Instruments

Fair Value Of Financial Instruments	9 Months Ended
Fair Value Of Financial Instruments	Sep. 30, 2013
Investments, All Other Investments [Abstract]
Fair Value Of Financial Instruments	FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts on the accompanying consolidated balance sheet for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and current debt are carried at cost, which approximates market value due to their short-term nature. Long-term debt related to the building loan is carried at cost, which approximates market value based on the borrowing rates currently available to the Company with similar terms and maturities. At September 30, 2013, the carrying value of the outstanding debt represented by the Notes was $297.1 million, including the remaining unamortized discount of approximately $3.3 million related to the October Notes and the remaining unamortized premium of approximately $0.4 million related to the December Notes. Based on the quoted market price, the fair value of the Notes was determined to be approximately $315.4 million at September 30, 2013. The fair value of the derivative instruments is computed based on the difference between the prices provided by the fixed-price contracts and forward market prices as of the specified date, as adjusted for basis differentials. Forward market prices for oil are dependent upon supply and demand factors in such forward market and are subject to significant volatility.