Gulfport Energy Corporation entered into an Amended and Restated Credit Agreement on December 27, 2013, with The Bank of Nova Scotia, as administrative agent, sole lead arranger and sole bookrunner, Amegy Bank National Association, as syndication agent, KeyBank National Association, as documentation agent, and the other lenders party thereto, which amends and restates in its entirety the company's existing Credit Agreement, dated as of September 30, 2010, as amended. The amended and restated credit agreement provides for an increase in the maximum facility amount from $350 million to $1.5 billion, with an increase in borrowing base availability as of December 27, 2013 from $50 million to $150 million. The Amended and Restated Credit Agreement matures on June 6, 2018.

The Amended and Restated Credit Agreement is secured by substantially all of the company's assets. The company's wholly-owned subsidiaries guaranteed the obligations of the Company under the Amended and Restated Credit Agreement. Advances under the Amended and Restated Credit Agreement may be in the form of either base rate loans or eurodollar loans.

The interest rate for base rate loans fluctuates and is equal to (1) the applicable rate, which ranges from 0.50% to 1.50%, plus (2) the highest of: (a) the federal funds rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by agent as its prime rate, and (c) the eurodollar rate for an interest period of one month plus 1.00%. The interest rate for eurodollar loans fluctuates and is equal to (1) the applicable rate, which ranges from 1.50% to 2.50%, plus (2) the London interbank offered rate that appears on Reuters Screen LIBOR01 Page for deposits in U.S. dollars, or, if such rate is not available, the offered rate on such other page or service that displays the average British Bankers Association Interest Settlement Rate for deposits in U.S. dollars, or, if such rate is not available, the average quotations for three major New York money center banks of whom the agent shall inquire as the London Interbank Offered Rate for deposits in U.S. dollars. The Amended and Restated Credit Agreement contains customary negative covenants for transactions of this type, including, but not limited to, restrictions on the Company's and its subsidiaries' ability to: incur indebtedness; grant liens; pay dividends and make other restricted payments; make investments; make fundamental changes; enter into swap contracts and forward sales contracts; dispose of assets; change the nature of their business; and enter into transactions with their affiliates.

The negative covenants are subject to certain exceptions as specified in the Amended and Restated Credit Agreement.