<SEC-DOCUMENT>0001193125-15-127469.txt : 20150810
<SEC-HEADER>0001193125-15-127469.hdr.sgml : 20150810
<ACCEPTANCE-DATETIME>20150413154630
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-15-127469
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150413

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>
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<TYPE>CORRESP
<SEQUENCE>1
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 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>14313 North May Avenue, Suite 100 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Oklahoma City, Oklahoma 73134 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">April&nbsp;13, 2015 </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, DC 20549-3561 </P>
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<TD VALIGN="top">Attn:</TD>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Karl Hiller, Branch Chief</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mark
Wojciechowski</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Lily Dang</P></TD></TR>
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<TD VALIGN="top">Re:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gulfport Energy Corporation</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; 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; font-size:10pt; font-family:Times New Roman">Filed February&nbsp;28, 2014</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Form 10-K for the Fiscal Year Ended December&nbsp;31, 2014</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed
February&nbsp;27, 2015</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Response letter dated March&nbsp;3, 2015</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B></B>File No. 0-19514<B></B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Messrs. Hiller and Wojciechowski and Ms.&nbsp;Dang: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I></I></B>Set forth below is the response 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 March&nbsp;30, 2015 regarding the Form <FONT STYLE="white-space:nowrap">10-K</FONT>
for the fiscal year ended December&nbsp;31, 2013 filed February&nbsp;28, 2014 and the Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2014 filed February&nbsp;27, 2015 (the &#147;<B><I>2014 Form
10-K</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 the Staff&#146;s comment followed by the Company&#146;s
response. </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, 2014 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and Analysis, page 54 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Overview, page 54 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your risk factor disclosure on page 21, indicating that if prices do not improve above current levels, your &#147;operations&#148; and &#147;financial condition&#148; may be &#147;materially and adversely
affected&#148; and you may need to make &#147;substantial downward adjustments&#148; to your estimated proved reserves. You provide similar disclosure under commodity price risk on page 66. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Items 303(a)(1), (2)(ii)&nbsp;and (3)(ii)&nbsp;of Regulation S-K require you to address the reasonably likely effects of trends and
uncertainties on liquidity, capital resources, and results of operations. Given this, explain to us how you have considered </B></P>

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<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 Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 13, 2015 </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>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>
providing more extensive discussion, including, where reasonably practicable, quantification of the impact of current commodity prices on your liquidity, capital resources and results of
operations. As part of your response, address your drilling plans as well as your accounting estimates related to both the ceiling test and your reported reserve volumes. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Refer to the guidance in FRC &#167;&#167; 501.12.a, 501.12.b.3, and 501.14 (Sections III.A, III.B.3, and V of SEC Release <FONT
STYLE="white-space:nowrap">Nos.&nbsp;33-8350;</FONT> 34-48960; FR-72), as it relates to disclosures in an introductory section or overview, the effects of material trends and uncertainties, and critical accounting estimates. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: In the preparation of the &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations&#148; (&#147;<B><I>MD&amp;A</I></B>&#148;) section of its 2014 Form 10-K, the Company reviewed Items 303(a)(1), 2(ii) and (3)(ii)&nbsp;of Regulation&nbsp;S-K and, in response to the requirements of those items, included extensive
disclosure regarding the impact of current commodity prices on its liquidity, capital resources and results of operations and quantification of this impact where reasonably practicable. In this regard, the Company first notes that it highlighted
both the long-term and near-term volatility of commodity prices, including the high and low prices for West Texas Intermediate (&#147;<B><I>WTI</I></B>&#148;) crude oil and the Henry Hub spot market price of natural gas for the six-year and one-year
periods ended December&nbsp;31, 2014. The Company also included WTI and Henry Hub pricing as of a reasonably practicable date prior to the filing of the 2014 Form 10-K. In quantifying the impact of this price volatility, the Company initially
disclosed that the current or declining prices may materially and adversely affect its operations, financial condition and the level of expenditures for the development of its oil and natural gas reserves. The Company then also disclosed that
(a)&nbsp;lower pricing may reduce the amount of oil and natural gas it can produce economically, which may result in substantial downward adjustments to its estimated proved reserves, (b)&nbsp;if reserves are adjusted downward, production estimates
change or exploration or development activities are curtailed, full cost accounting rules may require the Company to write down, as a <FONT STYLE="white-space:nowrap">non-cash</FONT> charge to earnings, the carrying value of its oil and gas
properties and (c)&nbsp;reductions in reserves could also negatively impact the borrowing base under the Company&#146;s revolving credit facility, which could further limit its liquidity and ability to conduct additional exploration and development
activities. See, for example, pages 22, 55, 66 and 68 of the 2014 Form&nbsp;10-K. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In its 2014 Form 10-K, the Company also quantified,
where applicable, the impact of current commodity prices on its liquidity, capital resources and results of operations. For example in the MD&amp;A under the heading &#147;Results of Operations,&#148; the Company provided detailed information in
tabular and textual formats disclosing changes in commodity prices year-over-year and explained that the 28% decrease in realized Mcfe prices from 2013 to 2014 partially offset higher 2014 revenues primarily attributable to increased production. See
pages 58, 59 and 60. This information was highlighted again on page 62 under the heading &#147;Liquidity and Capital Resources&#148; in the Company&#146;s analysis of net cash flow provided by operating activities. </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 Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 13, 2015 </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:4%; font-size:10pt; font-family:Times New Roman">Also in the &#147;Liquidity and Capital Resources&#148; section, the Company provided
detailed disclosure quantifying its 2015 drilling and capital expenditure programs as compared to such programs in 2014. The Company explained in its 2014 Form 10-K that its total capital expenditures for 2015 are estimated to be in the range of
$545.0 million to $595.0 million, of which approximately 96% are expected to be spent in the Utica Shale. The Company further explained that this estimated range for 2015 is down from the $872.9 million it spent in 2014, &#147;primarily due to
current commodity prices and a desire to maintain a strong liquidity position.&#148; See page 65 of the 2014 Form 10-K. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In that same
section also on page 65, the Company provided further detail regarding the reduction, by geographic region, in the number of wells it intends to drill in 2015 as compared to 2014 as a result of the reduced capital budget due to lower commodity
prices. Comparisons of trends in, and the quantification of, proposed 2015 drilling activities as compared to such activities in 2014 can also be found on pages 5, 7, 8, 9, 10 and 31 of the 2014 Form 10-K. The Company further quantified the impact
of lower commodity prices in its disclosure of its plan to release one of its four then operating horizontal drilling rigs prior to the end of the first quarter of 2015. See pages 6 and 65. This rig has now been released. In the &#147;Liquidity and
Capital Resources&#148; section, the Company also provided disclosure regarding its historical and anticipated future sources of capital resources in light of the lower commodity price environment. See pages 61 and 66 of the 2014 Form 10-K. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the 2014 Form 10-K, the Company also disclosed and quantified the impact and anticipated trends that commodity prices have had and are
expected to have on overall well costs. On pages 65 and 66 under the heading &#147;Liquidity and Capital Resources,&#148; the Company disclosed that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">[d]ue in large part to the significant decline in commodity prices, we have been able to negotiate reductions in service costs with our
vendors. We continue to see improvements in our service costs and expect that our operational efficiencies, combined with our service cost reductions, will lower our overall well costs by approximately 15% during 2015. We intend to continue to
monitor pricing and cost developments and make adjustments to our future capital expenditure programs as warranted. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The volatility of
commodity prices makes it difficult to predict future oil and natural gas prices with any degree of certainty. In an effort to mitigate this volatility, the Company has engaged in various hedging activities. Detailed disclosure, including the
periods, volumes and pricing of these hedges both on an historical basis and on a prospective basis through December 2018, is included in the 2014 Form 10-K. See, for example, </P>

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 <P STYLE="margin-top:0pt; 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">April 13, 2015 </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; margin-left:4%; font-size:10pt; font-family:Times New Roman">
pages 39, 67, 68, F-29 and F-30. The accompanying disclosure quantifies both the upwards and downwards impact of a 10% change in underlying commodity prices utilizing actual derivative
contractual volumes (see page 68). The disclosure also identifies uncertainties related to these hedging activities. These include the possibility of financial loss, including in instances where production is less than expected or commodity prices
increase. The Company also disclosed that if prices continue at current levels or decline further, it may not be able to hedge future production at the same level as its current hedges and, as a result, its results of operations and financial
condition would be negatively impacted. See page 39. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Further, at the beginning of its MD&amp;A on page 55 of the 2014 Form 10-K, the
Company identifies its critical accounting policies and estimate, the first two of which focus on the Company&#146;s use of the full cost method of accounting for oil and natural gas operations and the ceiling test. Both of these sections included
detailed disclosure regarding the potential impacts and uncertainties associated with the current volatility of commodity prices. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In light
of the Company&#146;s extensive disclosure in its 2014 Form 10-K regarding the reasonably likely effects of trends and uncertainties on liquidity, capital resources and results of operations, portions of which have been identified above, the Company
believes its disclosure is in compliance in all material respects with the requirements of Item&nbsp;303 of Regulation S-K. The Company will continue to monitor trends and uncertainties related to commodity prices and make changes in future filings
as warranted. </P> <P STYLE="margin-top:12pt; 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;242-4885 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><DIV ALIGN="right">
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<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Keri Crowell</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Keri Crowell</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Vice President and Controller</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Seth R. Molay, P.C. </TD></TR></TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
