<SEC-DOCUMENT>0001193125-14-404404.txt : 20150810
<SEC-HEADER>0001193125-14-404404.hdr.sgml : 20150810
<ACCEPTANCE-DATETIME>20141110060553
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-14-404404
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20141110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GULFPORT ENERGY CORP
		CENTRAL INDEX KEY:			0000874499
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				731521290
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		14313 NORTH MAY AVENUE
		STREET 2:		SUITE 100
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73134
		BUSINESS PHONE:		4058488807

	MAIL ADDRESS:	
		STREET 1:		14313 NORTH MAY AVENUE
		STREET 2:		SUITE 100
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73134

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WRT ENERGY CORP
		DATE OF NAME CHANGE:	19930328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WESTERN RESOURCE TECHNOLOGIES INC
		DATE OF NAME CHANGE:	19600201
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P>&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g818423g79u77.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14313 North May Avenue, Suite 100 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Oklahoma City, OK 73134 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">November&nbsp;7, 2014 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities
and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Division of Corporate Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-3561 </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top">H. Roger Schwall, Assistant Director </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mark Wojciechowski </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">Gulfport Energy Corporation </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Form 10-K for the Fiscal Year Ended December&nbsp;31, 2013 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Filed February&nbsp;28, 2014 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Form 10-Q for the Quarterly Period Ended March&nbsp;31, 2014 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Filed May&nbsp;9, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Response
letter dated September&nbsp;11, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">File No. 0-19514 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Messrs. Schwall and Wojciechowski: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I></I></B>Set forth below are the responses of Gulfport Energy Corporation, a Delaware corporation (the &#147;<B><I>Company</I></B>&#148;),
to the comment letter of the staff (the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) dated September&nbsp;30, 2014 with respect to Form 10-K for the fiscal year ended
December&nbsp;31, 2013 filed February&nbsp;28, 2014 (the &#147;<B><I>Form 10-K</I></B>&#148;), and with respect to Form 10-Q for the quarterly period ended March&nbsp;31, 2014 filed May&nbsp;9, 2014 (the &#147;<B><I>Form 10-Q</I></B>&#148;). <B><I>
</I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For your convenience, we have set forth below each Staff comment followed by the Company&#146;s response. Caption references and
page numbers refer to the captions and pages contained in the Form 10-K, unless otherwise indicated. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form 10-K for the Fiscal Year Ended
December&nbsp;31, 2013 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Properties, page 42 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Proved Undeveloped Reserves, page 45 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt"><B>We note your response to prior comment one from our letter dated August&nbsp;13, 2014, in which you explain that your conversion rate was greater
than indicated by the quantity of proved reserves transferred from undeveloped to developed status, considering that you drilled eight of 57 proved undeveloped (PUD) reserve locations
</B></P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Securities Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;7, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>
during 2013, reflecting a conversion rate of 14%. However, you do not address your progress in 2012 nor for either period as indicated by the incremental reserves. You also explain in your
response that you increased your 2014 capital expenditure budget for exploration and production to a range of $715.0 million to $767.0 million, from $513.5 million in 2013. However, you do not address the amount of development costs that have been
budgeted and which you expect to incur, as would be pertinent to an assessment of your PUD reserves. Please address these points for us. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Response</I></B>: At December&nbsp;31, 2011, the Company had 295 booked PUD locations of which 13 were drilled during 2012. Of the
remaining 282 undrilled PUDs, 245 were attributable to its non-operated Permian Basin acreage and were dropped from the Company&#146;s reserve report at December&nbsp;31, 2012 because of the Company&#146;s sale of this non-operated acreage during
2012. Incremental reserves attributable to PUD locations drilled in 2012 and 2013 are set forth in the table in response to Comment </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">2(a)
below. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As noted in the Company&#146;s response to Comment 1 in its prior letter, total capital expenditures budgeted for 2014 range from
$715 million to $767 million. On page 45 of the Form 10-K, the Company has previously disclosed that $135.4 million of this budgeted range is attributable to the development of PUDs in 2014. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>2.</TD>
<TD ALIGN="left" VALIGN="top"><B>The disclosures that you have provided in your annual reports for 2010 through 2013 indicate an average annual percentage conversion rate that is substantially less than the conversion rate implied by the five-year
limitation specified in Rule 4-10(a)(31)(ii) of Regulation S-X. To help us understand your historical PUD conversion rate, please provide the following: </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B></B><B>Submit an analysis of changes in your PUD reserves, covering the 2010 through 2013 fiscal years, including a schedule stratifying, for each year-end estimate, the quantity of such reserves initially claimed in
that year and each preceding year. For each strata, show the conversions for each year, and the percentage that such conversions are of the beginning reserve strata balance. Additionally, indicate and describe the reasons for all other adjustments
for each strata between years.</B> </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Response 2(a)</I></B>:<B><I> </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Changes in PUD Reserves </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="43%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:16.90pt; font-size:8pt; font-family:Times New Roman"><B>Year</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Reserves&nbsp;Attributable<BR>to&nbsp;PUDs&nbsp;at&nbsp;Prior&nbsp;Year<BR>End</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>PUD&nbsp;Reserves<BR>Converted&nbsp;during&nbsp;Year</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Percent&nbsp;of&nbsp;Prior&nbsp;Year<BR>End Reserves<BR>Converted</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2010</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,991&nbsp;MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">718&nbsp;MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2011</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,156 MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,502&nbsp;MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2012</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,856 MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">468 MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2013</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,580 MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,731 MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Securities Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;7, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">For descriptions of the changes in PUDs that occurred during each of the years in the table
above, including quantification by additions, conversions, revisions and exclusions, please see &#147;Item 2 Properties&#151;Proved Oil and Gas Reserves&#151;Proved Undeveloped Reserves (PUDs)&#148; in the Company&#146;s Annual Reports on Form 10-K
for the applicable year. In addition, please see the additional information contained in the text of the response to Comment 2(b) below. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B></B><B>Submit an analysis of the PUD reserve locations and related volumes that had been scheduled to be drilled in 2011 in your year-end 2010 reserve reports, and in 2012 in your year-end 2011 reserve reports, and
in 2013 in your year-end 2012 reserve reports, compared to those PUD reserve locations that were actually drilled during each of these fiscal years. Indicate, and explain the reasons for, all differences between the scheduled and actual locations
and volumes.</B> </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Response 2(b):</I></B> <B><I> </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>PUD Reserve Locations and Related Volumes </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>COLUMN&nbsp;A</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>COLUMN&nbsp;B</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>COLUMN&nbsp;C</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>COLUMN&nbsp;D</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:16.90pt; font-size:8pt; font-family:Times New Roman"><B>Year</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>No. of PUDs<BR>Scheduled&nbsp;for&nbsp;the<BR>Specified Year<BR>Based on Prior<BR>Year-End Report</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Reserves&nbsp;Related&nbsp;to<BR>PUD Locations in<BR>Column A</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>No. of PUD<BR>Locations in<BR>Column A</B><br><B>Actually&nbsp;Drilled</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Reserves&nbsp;Related&nbsp;to<BR>PUD Locations</B><br><B>in Column C</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2011</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,809&nbsp;MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,502&nbsp;MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2012</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,392 MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">468 MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2013</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,591 MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,731 MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The differences between the reserves identified in Column B and the reserves identified in Column D are attributable to the
differences between the number of PUDs scheduled to be drilled in the specified year and those actually drilled in that year. There are two primary reasons why scheduled PUDs were not drilled in a given year. In the case of PUD locations scheduled
to be drilled on the Company&#146;s acreage in the Permian Basin (none of which acreage was operated by the Company), the Company booked these locations after consultation with the operator of this acreage. However, since the Company was not the
operator of this acreage at any time, the Company did not, ultimately, have control over when these locations were actually drilled. As noted in its response to Comment 1 above, the Company sold all of its Permian Basin acreage in 2012. The
remaining PUD locations were primarily located in the Company&#146;s South Louisiana fields. These are extremely complex fields. At the West Cote Blanche Bay field, for example, the Company has been continually drilling and mapping the field for
over 15 years. There have been over 1,000 wells drilled, over 100 stratigraphically productive intervals </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Securities Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;7, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
recognized, nearly 200 discrete intervals tested and over 3,000 faults identified. When the Company books PUD locations in these fields, it identifies the most attractive options available at
that time. However, as the Company continually maps and interprets the fields in the course of its continuous drilling activities during the year, it generates many new locations based on the most current data. As the Company identifies new
locations with a greater number of potential producing zones and better economics than those locations booked as PUDs, it drills the new locations instead of the booked PUD locations. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Submit an analysis of the development costs and PUD conversion capital reported for the 2010 through 2013 fiscal years, showing the incremental reserves arising from these expenditures, compared to your plans and
expectations for future conversions.</B> </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Response 2(c)</I></B>:<B><I> </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Development Costs and PUD Conversion Capital </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:16.90pt; font-size:8pt; font-family:Times New Roman"><B><BR>Year</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B></B><B><I>Total<BR>Development<BR>Costs&nbsp;(in<BR>millions)</I></B><B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Reserves from<BR>Extensions and<BR>Discoveries</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>PUD&nbsp;Conversion</B><br><B>Capital<BR>(in millions)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Actual&nbsp;Reserves<BR>Attributable to<BR>Drilling PUDs</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Anticipated<BR>Reserves<BR>Attributed&nbsp;to<BR>Drilled&nbsp;PUDs</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2010</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">64.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,458&nbsp;MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">12.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">654 MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">718&nbsp;MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2011</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">123.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,289 MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">41.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">701&nbsp;MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,502&nbsp;MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2012</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">121.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,091&nbsp;MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">18.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">128 MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">468 MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2013</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">408.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,215 MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">43.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,150&nbsp;MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,731 MBOE</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>3.</TD>
<TD ALIGN="left" VALIGN="top"><B>We note that additions to your PUD reserves in 2013 and 2012 represent 65% and 83% of the respective year-end volumes. Tell us the extent to which the additions for each year relate to locations for which reserves
had been claimed in an earlier period but which were derecognized prior to reclaiming the reserves. For any such instances identify the year-end PUD reserve estimates that included these locations. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Response</I></B>: The Company advises the Staff that none of the additions to its PUD reserves in 2012 and 2013 relate to locations that
had been claimed in an earlier period but were derecognized. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Securities Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;7, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>4.</TD>
<TD ALIGN="left" VALIGN="top"><B>Your response to prior comment two indicates that 13 PUD reserve locations were dropped from your December&nbsp;31, 2013 reserve reporting &#147;...because they had not been drilled within five years of initial
booking.&#148; Given the 57 PUD reserve locations that you had at the end of the preceding fiscal year, as mentioned in your response to prior comment one, it appears that you reversed investment decisions for 23% of these locations. We also note
that you reported a material reduction in PUD reserves due to the five year limitation during the year ended December&nbsp;31, 2010. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Please note that undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating
that they are scheduled to be drilled within five years, unless the specific circumstances, justify a longer time. See Rule 4-10(a)(31)(ii) of Regulation S-X. In this regard, the mere intent to develop, without more, does not constitute
&#147;adoption&#148; of a development plan and therefore would not, in and of itself, justify recognition of reserves. Rather, adoption requires a final investment decision. See C&amp;DI 131.04, which can be found at:</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>http//www.sec.gov/divisions/corpfin/guidance/oi1andgas-interp.htm </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>To help us understand your reserve booking procedures and the reasons your PUD reserve estimates and the underlying development schedules
have not matched your actual development activities, please address the following points:</B> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Describe the procedures that are routinely undertaken in the course of preparing your reserve estimates that are intended to ensure PUD reserves are only claimed for locations where a final investment decision has
been made, and where you are able to demonstrate compliance with Rule 4-10(a)(31) of Regulation S-X. Describe those aspects and qualities of the investment decisions that are necessary in order to establish compliance with the reserve
definitions.</B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Response 4(a)</I></B>: In the course of preparing the Company&#146;s reserve estimates, the Company
evaluates its annual budget dedicated to the development of its reserves, AFE approval criteria, which include analysis of the nature of the wells and well economics, including internal rates of return, and estimated payout period, anticipated
drilling schedule and current production pricing terms in that field. The Company&#146;s decision process also includes analysis of its acreage position, closeness to infrastructure and lease terms and the process involved in proving up reserves in
new areas or on new acreage. The Company also considers whether the wells are operated or non-operated. Finally, the Company takes into consideration new data that impacts its reserve estimates. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Describe the financial return criteria, including internal rates of return, underlying your decisions to claim PUD reserves for each period. Explain how these criteria compare to those which governed your subsequent
decisions to not proceed with drilling according to the original drilling schedule adopted at the time you initially claimed the reserves.</B> </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Securities Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;7, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 6
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Response 4(b)</I></B>: When booking PUD reserves in a period, the Company considers
financial criteria such as achieving returns in excess of its cost of capital and payback period, both of which are based on the commodity price outlook. Additional factors in claiming PUD reserves include the upcoming year&#146;s capital
expenditure budget and estimated drilling plans. In its Louisiana properties, the Company generates many new well locations during the year based on its ongoing interpretation of recent well results. As new drilling opportunities arise, including
wells the Company believes have more potential producing zones and resulting higher reserves, the Company evaluates which drilling location offers the best return opportunity and whether to substitute such new location in place of a PUD location
that had already been planned. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>Tell us the extent to which the PUD reserves disclosed as of December&nbsp;31, 2013 have positive undiscounted future net revenue but negative present values when discounted at 10 percent.</B> </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Response 4(c)</I></B>: In the year-end 2013 report, the Company had three Utica wells that had positive undiscounted future net revenue
but negative PV-10%. The three wells had total undiscounted future net revenue of $6.65 million and a PV-10% of negative $1.62 million. At the time of the reserve report, the Utica play was less developed and had less takeaway infrastructure in
place than today. The Company decided to leave these three wells in its PUD reserves because of its expectations that it will receive better pricing and higher reserves estimates than reflected in the reserve report. This was based on the commodity
outlook at that time and the additional offset well reserve history and improved takeaway infrastructure expected over time. Since the Company intends to drill these three wells it believed they should remain on the reserve report. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>5.</TD>
<TD ALIGN="left" VALIGN="top"><B>Your disclosure regarding PUD reserves on page 45 states that &#147;Costs incurred relating to the development of PUDs were approximately $43.5 million in 2013.&#148; You have similar disclosure on pages 45 and 37 of
your 2012 and 2011 annual reports, indicating conversion costs of $18.0 million and $41.2 million. However, within the table of costs incurred in oil and gas activities on page F-43, you disclose development costs of proved undeveloped properties of
$408.1 million, $121.8 million, and $123.5 million for 2013, 2012, and 2011. Please provide the following</B>:<B> </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>A reconciliation of these amounts which shows the nature and amount of expenditures involved the properties to which they relate, and their reserve status at the point of electing to proceed with development.</B>
</TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Response 5(a)</I></B>: Of the total $408,121,000 development costs incurred in 2013, $324,871,000, or 80%, of the
costs were spent in the development of the Utica Shale. The Company spud its first well in the Utica Shale in 2012 and had limited production during 2012 due to infrastructure delays. As a result, the Company had limited Utica Shale proved
undeveloped reserves as of December&nbsp;31, 2012 (six wells with booked PUDs). However, the Company focused its 2013 capital budget on the development </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Securities Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;7, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 7
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
of the Utica Shale, resulting in the majority of its 2013 costs being spent on Utica Shale wells that were not booked PUDs as of December&nbsp;31, 2012. The Company drilled four of the six 2012
Utica PUDs in 2013, comprising $33.6 million of the $43.5 million disclosed on page 45 as costs incurred in the development of PUDs. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The
Company is providing the Staff supplementally with <U>Schedule A</U> reflecting the detailed well costs that make up the &#147;Development of proved undeveloped properties&#148; line items on page F-43, including which were booked PUDs, as well as
the costs on page 45 (and pages 45 and 37 of the 2012 and 2011 annual report). Please note that such <U>Schedule A</U> is being furnished to the Staff under separate cover pursuant to Rule 12b-4 of the Securities Exchange Act of 1934, as amended,
and under the Freedom of Information Act and is not being filed electronically as part of this letter. The Company has reported all costs associated with its capital budget as development costs in the table on page F-43, with the exception of costs
associated with wells considered exploratory. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B></B><B>Describe for us the decision making process, including any internal rate of return criteria, employed in connection with the decision to spend current year development funds on conversion of beginning-of-year
PUD reserves vs. other development activities.</B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Response 5(b)</I></B>: A key part of the Company&#146;s drilling
plan is returns-driven, with a focus on identifying the higher return wells in its portfolio based on the commodity price outlook and then determining how to schedule those wells in the drilling plan. Additional factors also impact which wells are
drilled and whether they are PUD reserves or other development activities. These factors impacting the decision process include proximity to infrastructure such as midstream gathering systems, lease terms and goals to hold acreage by production,
proving up reserves in a new area, efficiency savings realized by drilling contiguous leases, and well results experienced by other operators in proximity of the Company&#146;s acreage. In the Louisiana properties, the highly technical nature of
those conventional reservoirs lends itself to new drilling opportunities arising following data interpretation from recent drilling results. As new drilling opportunities arise, including wells the Company believes have more potential producing
zones and resulting higher reserves, the Company evaluates which drilling location offers the best return opportunity and whether to substitute such new location in place of a PUD location that had already been planned. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B></B><B>If you proceeded with development without previously establishing reserves, explain why your reserve booking procedures did not reflect these decisions.</B> </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Response 5(c)</I></B>: In the case of the Utica, it is a new developing play that has areas with no production history and no booked
proved reserves. The Company does not book any PUDs attributable to its Utica acreage until offset wells have been drilled and tested or producing to prove up the area. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the case of Louisiana, the Company generates many new well locations based on the most current interpretation and new data gathered since
the original PUD wells were booked. The Company discovers new opportunities to drill with its ongoing study and evaluations. When it can drill a well with multiple zones (PDNPs) and better economics, it moves such locations ahead of PUDs on its
drilling schedule with fewer zones. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Securities Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;7, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 8
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 19&#151;Supplemental Information on Oil and Gas Exploration and Production Activities (Unaudited),
page F-43 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, page F-46 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We have reviewed your response to prior comment seven and the ceiling test calculation provided in Appendix A of your response. Within the ceiling test calculation, you identify total net book value of oil and gas
properties as of December&nbsp;31, 2013 of $1,627,373,085. This amount differs from the balance reported within the table of capitalized costs on page F-43, which shows total net capitalized costs of $1,697,617,000. Please reconcile these amounts
and explain any significant reconciling items, including whether you have an impairment that needs to be recorded. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Response</I></B>: The Company excluded well costs of $70,244,000 associated with the development and drilling of its new Utica Shale
field for wells that did not have booked reserves as of the balance sheet date of December&nbsp;31, 2013 in its December&nbsp;31, 2013 ceiling test calculation. These work-in-progress costs were excluded from the ceiling test calculation in
accordance with Regulation S-X, &#167;210.4-10(c)(3)(ii)(B)and (C). There is often a delay in the completion and subsequent production of the wells in this field from the time they are drilled, resulting in significant costs with no corresponding
reserves. At the time the previously excluded well is completed and proved reserves are recognized, the corresponding well costs are moved into the amortization base. The Company believes no impairment was required at December&nbsp;31, 2013. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company is responsible for the adequacy and accuracy of the disclosure in the filing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Securities Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;7, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 9
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions with respect to the foregoing, please do not hesitate to call me at
(405)&nbsp;242-4408 or Seth Molay of Akin Gump Strauss Hauer&nbsp;&amp; Feld LLP at (214)&nbsp;969-4780. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Aaron Gaydosik</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Aaron Gaydosik</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">cc: Seth R. Molay, P.C. </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g818423g79u77.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g818423g79u77.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0!X17AI9@  24DJ  @    & #$! @ 1
M    5@    $#!0 !    :     ,# 0 !      !T !!1 0 !     0!A !%1
M!  !    Q X  !)1!  !    Q X       !-:6-R;W-O9G0@3V9F:6-E /^@
MA@$ C[$  /_; $, " 8&!P8%" <'!PD)" H,% T,"PL,&1(3#Q0=&A\>'1H<
M'" D+B<@(BPC'!PH-RDL,#$T-#0?)SD].#(\+C,T,O_; $,!"0D)# L,& T-
M&#(A'"$R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,O_  !$( $( L@,!(@ "$0$#$0'_Q  ?   !!0$! 0$! 0
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ML\I86WVOPSXBO8-3A&Z,S$*&;T#)@I]>:VOA!\0M3URXOO"WB4$:WIH;]XP
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M1^0O@S2-,WRC^SK3"7-M(H\A>'4MM8<=1V/:NX\16MO-)IDTMO%)+%<,(W9
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M201H%WNQY8XZD]R:** /F#Q1IFGP>+=9BBL;:.-+Z=41(E 4"1@ !C@4444
#?__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
