Gulfport Says Third Party Assessment of Grizzly Oil Sands Confirms OOIP


Athabasca Oilsands
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Gulfport Energy reported certain information regarding Grizzly Oil Sands ULC in which Gulfport holds an approximate 25% interest.

Grizzly has received a letter from DeGolyer and MacNaughton Canada Limited ("D&M") detailing its review of the Original Oil In Place on Grizzly's land holdings. D&M reviewed twenty-two lease blocks and found that at this time "there is sufficient well control on seven of these properties to prepare comprehensive geological interpretations of tar sands and volumetric assessments of the associated bitumen quantities with a minimum of 27% porosity, less than 60% shale and less than 60% water saturation cut-off."

D&M estimates total bitumen in place from these seven properties as follows:

15.8 billion barrels over an area of 260,272 acres for sands greater than zero meters of thickness; and

11.9 billion barrels over an area of 152,564 acres for sands greater than ten meters of thickness.

The properties (and formations) where OOIP have been assigned are as follows: Algar Lake (McMurray), Birchwood (McMurray, Wabiskaw), Dover (McMurray), Kodiak (McMurray), Silvertip (McMurray, Wabiskaw), Thickwood (McMurray, Wabiskaw), West Ells (McMurray).

"We are pleased that the DeGolyer and MacNaughton report validates our view of the substantial resource underlying our oil sands properties," said Jim Palm, CEO of Gulfport. "We look forward to a successful 2007-8 winter drilling and seismic program."

Grizzly is undertaking a 2007-8-winter delineation and exploration program where it plans to drill 100-120 wells and conduct a 3D seismic survey. Grizzly has already begun the environmental and regulatory process of developing its first 10,000-bbl/d SAGD (Steam Assisted Gravity Drainage) project at Algar Lake.

Grizzly Oil Sands is an independent oil exploration and production company focused on oil sands assets in the Athabasca and Peace River regions of Alberta's oil sands. Grizzly currently has leaseholds totaling 464,319 net acres. Grizzly Oil Sands ULC is a private company with joint ownership of approximately 75% by affiliates of Wexford Capital, LLC, a Greenwich, CT based investment manager, and approximately 25% by Gulfport.

Gulfport Energy Corporation is an Oklahoma City based independent oil and natural gas exploration and production company with its principal producing properties located along the Louisiana Gulf Coast. In addition to its interest in Grizzly, Gulfport has an indirect interest in the producing Phu Horm gas field in Thailand.

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