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Gulfport Energy 2Q profit jumps 56 percent

By Associated Press
August 7, 2008 | Comments (0)

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Gulfport Energy Corp. reported a 56-percent jump in second-quarter profit on Thursday, results that easily blew past Wall Street's expectations.

For the period ended June 30, the oil and gas company posted earnings of $14.9 million, or 35 cents per share, compared with earnings of $9.6 million, or 26 cents per share, in the year-ago period.

Revenue jumped to $35.8 million from $25 million in the year-ago period.

Analysts polled by Thomson Financial expected, on average, earnings of 27 cents per share on revenue of $32.7 million.

The company said it drilled four wells in Hackberry, La., during the period, all of which "appear to be productive and initial test results and production from the first well are in line with expectations."

Shares rose $1.39, or 10.4 percent, to $14.71 in morning trading. The stock has traded between $10.16 and $25.62 over the past 52 weeks, and is down 27 percent since the start of the year.

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