EXHIBIT 99.3
GULFPORT ENERGY CORPORATION
SHARES OF COMMON STOCK
OFFERED PURSUANT TO RIGHTS DISTRIBUTED TO RECORD STOCKHOLDERS
OF GULFPORT ENERGY CORPORATION
_____________, 2004
Dear Stockholder:
This notice is being distributed by Gulfport Energy Corporation, a Delaware
corporation ("Gulfport"), to all holders of record of shares of its common
stock, par value $0.01 per share (the "Common Stock"), at the close of business
on ___________, 2004 (the "Record Date"), in connection with a distribution in a
rights offering (the "Rights Offering") of transferable subscription rights (the
"Rights") to subscribe for and purchase shares of its Common Stock. The Rights
are described in Gulfport's Prospectus dated ___________, 2004 (the
"Prospectus").
In the Rights Offering, Gulfport is offering an aggregate of approximately
10,000,000 shares of its Common Stock, as described in the Prospectus. The
Rights will expire, if not exercised, at 5:00 p.m., Dallas time, on ___________,
2004, unless extended in the sole discretion of Gulfport (as it may be extended,
the "Expiration Date"). As described in the accompanying Prospectus, you will
receive one Right for every 1.0146 shares of Common Stock owned of record as of
the close of business on the Record Date. Each right will allow you to
subscribe for one shares of Common Stock (the "Basic Subscription Privilege") at
the cash price of $_____ per share (the "Subscription Price").
In addition, holders of Rights who exercises their Basic Subscription
Privilege in full will be eligible to subscribe (the "Over-Subscription
Privilege") at the same cash price of $ _____per share for shares of Common
Stock that are not otherwise purchased pursuant to the exercise of Rights under
the Basic Subscription Privilege (the "Excess Shares"), subject to availability
and pro ration as described below. A holder of Rights may only exercise its
Over-Subscription Privilege if the holder exercised its Basic Subscription
Privilege in full and other holders of subscription Rights do not exercise their
Basic Subscription Privilege in full. If there are not enough Excess Shares to
satisfy all subscriptions made under the Over-Subscription Privilege, Gulfport
will allocate the remaining Excess Shares pro rata, after eliminating all
fractional shares, among those Rights holders who exercised their
Over-Subscription Privileges. "Pro rata" means in proportion to the number of
shares of Common Stock that each holder of Rights has purchased by exercising
its Basic Subscription Privileges. If there is a pro rata allocation of the
remaining Excess Shares and a holder of Rights receives an allocation of a
greater number of Excess Shares than the holder subscribed for under its
Over-Subscription Privilege, then Gulfport will allocate to the holder only the
number of Excess Shares for which the holder subscribed. Gulfport will allocate
the remaining Excess Shares among all other holders exercising their
Over-Subscription Privileges. See "The Rights Offering-Subscription Privileges"
in the Prospectus.
The Rights will be evidenced by transferable Rights certificates (the
"Subscription Rights Certificates") and will be transferable until the close of
business on the last trading day preceding the Expiration Date.
Enclosed are copies of the following documents:
1. Prospectus;
2. Subscription Rights Certificate;
3. Instructions as to Use of Gulfport Energy Corporation
Subscription Rights Certificates (including a Notice of Guaranteed Delivery for
Subscription Rights Certificates Issued by Gulfport Energy Corporation); and
4. A return envelope addressed to UMB Bank, N.A., the Subscription
Agent.
Your prompt action is requested. To exercise Rights, you should properly
complete and sign the Subscription Rights Certificate (or the Notice of
Guaranteed Delivery if you are following the Guaranteed Delivery Procedures) and
forward it, with payment of the Subscription Price in full for each share of
Common Stock subscribed for pursuant to the Basic Subscription Privilege and the
Over-Subscription Privilege, to the Subscription Agent, as indicated in the
Prospectus. The Subscription Agent must receive the Subscription Rights
Certificate or Notice of Guaranteed Delivery with payment of the Subscription
Price, including final clearance of any checks, prior to 5:00 p.m., Dallas time,
on the Expiration Date. Failure to return the properly completed Subscription
Rights Certificate with the correct payment will result in your not being able
to exercise your Rights. A Rights holder cannot revoke the exercise of its
Rights. Rights not exercised prior to the Expiration Date will expire.
Additional copies of the enclosed materials may be obtained from the
Subscription Agent at (816) 860-3020.
Very truly yours,
GULFPORT ENERGY CORPORATION
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