<SEC-DOCUMENT>0001193125-15-220821.txt : 20150810
<SEC-HEADER>0001193125-15-220821.hdr.sgml : 20150810
<ACCEPTANCE-DATETIME>20150611182159
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-15-220821
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150611

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
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<TITLE>Correspondence</TITLE>
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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">June&nbsp;11, 2015 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="5">United States Securities and Exchange Commission</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">The Division of Corporate Finance</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">100 F Street, N.E.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">Washington, DC 20549-3561</TD></TR>
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<TD VALIGN="top">Attn:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" COLSPAN="3">Karl Hiller, Branch Chief</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" COLSPAN="3">Mark Wojciechowski</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" COLSPAN="3">Lily Dang</TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Re:</TD>
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<TD VALIGN="top">Gulfport Energy Corporation</TD></TR>
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<TD VALIGN="top">Form 10-K for the Fiscal Year Ended December 31, 2013</TD></TR>
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<TD VALIGN="top">Filed February 28, 2014</TD></TR>
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<TD VALIGN="top">Form 10-K for the Fiscal Year Ended December 31, 2014</TD></TR>
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<TD VALIGN="top">Filed February 27, 2015</TD></TR>
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<TD VALIGN="top">Response letter dated April 13, 2015</TD></TR>
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<TD VALIGN="top">File No. 0-19514</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">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 May&nbsp;28, 2015 regarding the <FONT STYLE="white-space:nowrap">Form&nbsp;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;). </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 have read your response to prior comment one, as it relates to providing quantified information regarding the reasonably possible impact of current prices on reported reserve volumes and the ceiling test.
</B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Given the understanding of well economics developed during the course of preparing reserve estimates, together with
other factors, including internal rates of return and current prices that are routinely considered in connection with your </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">June 11, 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>
efforts to &#147;re-optimize&#148; development plans, it appears that information known to you would establish a reasonable basis to quantify reasonably possible effects of current prices on your
estimates of proved reserves. Similarly, considering the manner by which the ceiling test is performed under the full cost methodology, we would expect you to have a reasonable basis to quantify reasonably possible near-term impacts of ceiling test
impairments (using price information that is more current when filing your report than was utilized in the computation for the period covered by the report). </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Unless you have determined that it is not reasonably possible that a continuation of the current economic environment would lead to material
adverse effects, it appears you will need to revise your disclosure to provide quantified information regarding the reasonably possible effects of a continuation of current commodity prices on your reported reserve volumes and ceiling tests under
the full cost methodology, to the extent that quantified information is reasonably available. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Please note that disclosure regarding
reasonably likely effects of the prevailing changes in market prices, quantified pursuant to Item&nbsp;303 of Regulation S-K, should be distinguished from any outlook or forecast of future results that you may otherwise choose to provide. See
Section III.B of SEC Release 33-6835. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response</B>: As previously reported to the Commission, approximately 97.2% of the
Company&#146;s estimated proved reserves as of December&nbsp;31, 2014 are attributable to the Company&#146;s properties in the Utica Shale. The Utica Shale is a relatively new play that the Company has been developing aggressively since it spud its
first well on its Utica Shale acreage in 2012. From that time through December&nbsp;31, 2014, the Company spud 151 gross wells, 101 of which were completed as producing. In 2014 alone, the Company spud 85 gross (67.2 net) wells, of which 36 were
completed and productive and, at December&nbsp;31, 2014, 47 were still in various stages of completion or drilling. During 2015, the Company intends to drill 46 to 52 gross (28 to 32 net) wells in the Utica Shale and commence sales from 49 to 53
gross (42 to 46 net) wells, and anticipates 11 to 16 gross (four to six net) wells will be drilled, and sales commenced from 50 to 64 gross (seven to nine net) wells by other operators on the Company&#146;s Utica Shale acreage. This increasing and
continuous development activity has contributed to, and is expected to continue to contribute to, the Company&#146;s significant proved reserve growth. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In light of the activity described above and for the additional factors described below, at this time the Company does not believe it is
reasonably possible that a continuation of the current economic environment would lead to a material adverse effect on the Company&#146;s reported reserves. While commodity prices declined significantly between June&nbsp;1, 2014 and
December&nbsp;31, 2014, they subsequently began to recover and stabilize in spring of 2015. Further, commodity price is only one of the many components used in estimating proved reserves. Other key components include drilling and completion costs
and other capital expenditures, drilling activity, production results, acquisitions, extensions and new discoveries. In light of the Company&#146;s active drilling and hedging programs and the </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">June 11, 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">
increasing number of wells it completes and converts to sales, its active acquisition program and decreasing drilling and completion costs, all of which are disclosed in the Company&#146;s
filings with the Commission, the Company expects that its proved reserves will increase significantly in 2015 as compared to its reported reserves as of December&nbsp;31, 2014. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Because the Company anticipates an increase in its reported proved reserves for the reasons described above, the Company does not anticipate a
ceiling test writedown in the foreseeable future. The Company updates its ceiling test calculations each quarter. With the addition of new booked reserve locations each quarter, the Company anticipates that the growth of its present value of future
net reserves will more than offset any decrease that may result due to a continuation of current commodity prices. Accordingly, the Company does not believe revisions to the specified disclosure are warranted at this time. </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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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<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"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Keri Crowell</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Keri Crowell</P></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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<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>
