Firefly Value Partners Disappointed in Gulfport Energy Board’s Failure to Recognize Company’s Significant Opportunities - Seite 2

It is particularly troubling that, in light of a share price decline that we believe is the result of a crisis in confidence among shareholders, the Board appears focused on retaining and locking-in the executive team, while taking steps to fend off shareholder nominees. Earlier this week, the Board announced it was modifying its executive compensation plans to make generous, off-cycle “retention” cash awards to executives, some of which would fully vest upon a change in the composition of the Board. We can think of few acts that signal so explicitly that this Board lacks confidence in the business and feels insecure about its support among shareholders.

The Board’s initial awards to executives under the Board’s Plan are puzzling. The Board has awarded cash equal to approximately 3% of the market capitalization of the Company, including a substantial portion that was immediately paid to executives, despite the stated “retention” rationale. Vesting for some of these initial awards will be accelerated upon certain changes in the Board’s composition, even if those changes are approved by shareholders. This Board has truly stretched itself to find new ways to frustrate the will of shareholders.

It is time for Gulfport to schedule its annual meeting of shareholders and allow shareholders to elect directors who appreciate the true value of Gulfport’s assets and who can instill confidence in all stakeholders.”

About Firefly Value Partners, LP

Founded in 2006, Firefly is an investment partnership focused on fundamental primary research and business analysis. Firefly invests with a long-term time horizon in a concentrated portfolio of deeply undervalued companies.

CERTAIN INFORMATION CONCERNING THE PARTICIPANTS

Firefly Value Partners, LP and the other participants named herein (collectively, “Firefly”) intend to file a preliminary proxy statement and an accompanying WHITE proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit votes for the election of its slate of highly-qualified director nominees at the 2020 annual meeting of stockholders of Gulfport Energy Corporation, a Delaware corporation (the “Company”).

FIREFLY STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS’ PROXY SOLICITOR.