Document:

Exhibit 4.1

Common Stock

                                                               CUSIP 402635 30 4

This certificate is transferable in
Kansas City, Missouri or New York, New York

This certifies that SPECMEN

is the owner of              GULFPORT ENERGY CORPORATION

fully paid nonassessable shares of common stock, $0.01 par value of transferable
transferable  on  the books of the Corporation by the holder hereof in person or
by  duly  authorized  attorney  upon  surrender  of  this  Certificate  properly
endorsed.  This  Certificate  and  the  shares represented hereby are issued and
shall  be  subject  to all the provisions of the Certificate of Incorporation of
the  Corporation, as now or hereafter amended, to all of which the holder hereof
by acceptance hereof assents. This Certificate is not valid unless countersigned
by  the  Transfer  Agent  and registered by the Registrar. Witness the facsimile
seal  of  the  Corporation  and  the facsimile signatures of its duly authorized
officers.

/s/Janet Finnigan                                /s/Mark Liddell
Secretary                                        PresidentExhibit 10.4

THE  SECURITIES  REPRESENTED  BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES  ACT  OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR APPLICABLE STATE
SECURITIES  LAWS  (THE  "STATE  ACTS"),  AND  SHALL  NOT  BE  SOLD  OR OTHERWISE
TRANSFERRED  BY  THE  HOLDER  EXCEPT BY REGISTRATION OR PURSUANT TO AN EXEMPTION
FROM  REGISTRATION  UPON THE ISSUANCE TO THE COMPANY OF AN OPINION OF COUNSEL OR
OTHER  EVIDENCE  REASONABLY  SATISFACTORY  TO THE COMPANY TO THE EFFECT THAT ANY
SUCH  TRANSFER  SHALL  NOT  BE  IN VIOLATION OF THE SECURITIES ACT AND THE STATE
ACTS.

                                     WARRANT

                                       TO

                              PURCHASE COMMON STOCK

                                       OF

                           GULFPORT ENERGY CORPORATION

     This  certifies  that, for good and valuable consideration, Gulfport Energy
Corporation, a Delaware corporation (the "Company") grants to ___________ or its
registered  assigns  (the  "Warrantholder"),  the  right  to  subscribe  for and
purchase from the Company the number of duly authorized and validly issued fully
paid and non-assessable shares (the "Warrant Shares") of common stock, par value
$0.01  per  share,  of  the Company ("Common Stock") set forth in subsection 1.1
hereof at the Exercise Price (as defined in subsection 1.2 hereof). This Warrant
shall be exercisable at any time and from time to time from and after 9:00 A.M.,
Central  Standard  Time  on  the  date  on  which  the  Warrant is issued to and
including  5:00  P.M.,  Central Standard Time on the date that is five (5) years
after  the Initial Exercise Date (the "Expiration Date"). The Exercise Price and
the  number  of  Warrant  Shares  are subject to adjustment from time to time as
provided  in  Section  6.

SECTION  1.  NUMBER  OF  WARRANT  SHARES;  EXERCISE  PRICE.

     1.1 NUMBER OF WARRANT SHARES . The number of Warrant Shares that the holder
of  this  Warrant  shall  initially have the right to subscribe for and purchase
hereunder  ________  shares  of  Common  Stock,  which is equal to _____ percent
(_____%)  of  the total number of outstanding shares of Common Stock on the date
of  issuance  hereof  on  a  fully  diluted basis after giving effect to (a) the
exercise  of this Warrant, and (b) the exercise or conversion of all outstanding
securities convertible into or exchangeable for Common Stock or options or other
rights to purchase or subscribe for such convertible or exchangeable securities.
The  number  of  Warrant  Shares  that the holder of this Warrant shall have the
right to subscribe for and purchase from the Company is subject to adjustment as
provided  in  Section  6.

     1.2  EXERCISE  PRICE  .  The  exercise  price per Warrant Share, subject to
adjustment as provided in Section 6 (the "Exercise Price", shall be equal to the
average  of  the  closing sale prices of the Common Stock on the principal stock

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exchange  or  stock  market  on  which  the Common Stock is traded, as quoted in
Bloomberg's Investor's Service, for the 5 trading days following the issuance of
the Warrant. In the event that any cash dividends are paid or payable to holders
of  record of Common Stock prior to the date as of which the Warrantholder shall
be deemed to be the record holder of such Warrant Shares, the Exercise Price per
Warrant  Share  shall  be  reduced  by  the  amount  of  each  such  dividend.

SECTION  2.  DURATION  AND  EXERCISE  OF WARRANT; LIMITATION ON EXERCISE; TAXES;
TRANSFER;  DIVISIBILITY.

     2.1  DURATION  AND  EXERCISE  OF  WARRANT  .  This  Warrant  is immediately
exercisable  on  the  Initial Exercise Date and may be exercised, in whole or in
part, at any time and from time to time from and after the Initial Exercise Date
to  the Expiration Date. The rights represented by this Warrant may be exercised
by  the  Warrantholder of record, in whole or in part, from time to time, by (a)
surrender  of this Warrant, accompanied by the Exercise Form annexed hereto (the
"Exercise Form") duly executed by the Warrantholder of record and specifying the
number  of  Warrant  Shares  to be purchased to the Company at the office of the
Company  located  at  6307  Waterford  Blvd., Suite 100, Oklahoma City, Oklahoma
73118  (or  such  other  office  or agency of the Company as it may designate by
notice  to  the  Warrantholder at the address of such Warrantholder appearing on
the  books  of the Company) during normal business hours on any day (a "Business
Day")  other  than  a  Saturday,  Sunday  or  a  day on which the New York Stock
Exchange  is authorized to close or on which the Company is otherwise closed for
business  (a  "Nonbusiness Day") or after 9:00 A.M. Central Standard time on the
Initial  Exercise  Date  but not later than 5:00 P.M. on the Expiration Date (or
5:00  P.M.  on  the  next  succeeding  Business Day, if the Expiration Date is a
Nonbusiness  Day),  (b)  payment  of  the  Exercise Price by (i) delivery to the
Company  in  cash  or  by  certified or official bank check in New York Clearing
House  Funds, of an amount equal to the Exercise Price for the number of Warrant
Shares  specified  in  the  Exercise  Form or (ii) notice that the Warrantholder
elects  to  effect  a  cashless  exercise  as  contemplated  by  subsection 2.6,
specifying  which  of  the two cashless exercise methods described in subsection
2.6  shall  be used, and (c) such documentation as to the identity and authority
of  the Warrantholder as the Company may reasonably request. Such Warrant Shares
shall  be  deemed by the Company to be issued to the Warrantholder as the record
holder  of  such Warrant Shares as of the close of business on the date on which
this Warrant shall have been surrendered and payment made for the Warrant Shares
as aforesaid. Certificates for the Warrant Shares specified in the Exercise Form
shall  be  delivered to the Warrantholder as promptly as practicable, and in any
event  within  ten  (10)  Business  Days,  thereafter. The stock certificates so
delivered shall be in denominations as may be specified by the Warrantholder and
shall  be issued in the name of the Warrantholder or, if permitted by subsection
2.4  and  in accordance with the provisions thereof, such other name as shall be
designated  in the Exercise Form. If this Warrant shall have been exercised only
in  part, the Company shall, at the time of delivery of the certificates for the
Warrant Shares, deliver to the Warrantholder a new Warrant evidencing the rights
to  purchase  the remaining Warrant Shares, which new Warrant shall in all other
respects  be  identical  with  this  Warrant.

     2.2 LIMITATION ON EXERCISE . If this Warrant is not exercised prior to 5:00
P.M.  on  the  Expiration  Date  (or  the  next  succeeding Business Day, if the
Expiration  Date  is a Nonbusiness Day), this Warrant, or any new Warrant issued
pursuant to subsection 2.1, shall cease to be exercisable and shall become void,
and  all  rights  of  the  Warrantholder  hereunder  shall  cease.

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     2.3  PAYMENT  OF  TAXES  .  The issuance of certificates for Warrant Shares
shall  be  made  without  charge  to the Warrantholder for any stock transfer or
other issuance tax in respect thereto; provided, however, that the Warrantholder
shall  be  required  to pay any and all taxes which may be payable in respect to
any  transfer  involved  in  the  issuance  and delivery of any certificates for
Warrant  Shares in a name other than that of the then Warrantholder as reflected
upon  the  books  of  the  Company.

     2.4  RESTRICTIONS ON TRANSFER . Neither this Warrant nor any of the Warrant
Shares  may  be  transferred or sold except in compliance with applicable United
States federal and state securities laws. Subject to the foregoing, this Warrant
and  all  rights  hereunder  are  transferable,  in  whole  or  in  part, by the
Warrantholder and any such transfer is registerable at the office of the Company
referred  to  in subsection 8.6(a) by the holder hereof in person or by its duly
authorized attorney, upon surrender of this Warrant in accordance with Section 4
hereof.  The Company may not transfer or assign any of its rights or obligations
under  this  Warrant,  or  any  portion  thereof.

     2.5  DIVISIBILITY  OF  WARRANT  . This Warrant may be divided into multiple
warrants  upon  surrender at the office of the Company referred to in subsection
8.6(a)  on  any  Business  Day,  without  charge  to  any  Warrantholder.

     2.6  CASHLESS  EXERCISE  .   At  the  option   of  the  Warrantholder,  the
Warrantholder  may exercise this Warrant, without a cash payment of the Exercise
Price,  through  a  reduction  in the number of Warrant Shares issuable upon the
exercise  of the Warrant. Such reduction may be effected by designating that the
number  of  the  shares  of Common Stock issuable to the Warrantholder upon such
exercise  shall  be  reduced  by  the  number of shares having an aggregate Fair
Market  Value  as  of  the  date  of  exercise  equal to the amount of the total
Exercise Price for such exercise. For purposes of this Warrant, the "Fair Market
Value"  of  any  Common  Stock on any date in question shall be the closing sale
price  of  the  Common  Stock on the principal stock exchange or stock market on
which  the Common Stock is traded on the Business Day immediately preceding such
date (or if there is no trading on such date, on the next preceding Business Day
on  which  there  was  trading in the Common Stock) as quoted in The Wall Street
Journal.  If  the Common Stock is not listed or qualified for trading on a stock
exchange  or  stock  market  at  such  time, then the Fair Market Value shall be
determined  using  such method as the Warrantholder and the Company shall agree.
In connection with any cashless exercise, no cash or other consideration will be
paid  by  the  Warrantholder  in  connection  with  such exercise other than the
surrender of the Warrant itself, and no commission or other remuneration will be
paid  or  given  by  the  Warrantholder  or  the Company in connection with such
exercise.

SECTION  3.  RESERVATION  AND  LISTING  OF  SHARES.

     All  Warrant  Shares  issued upon the exercise of the rights represented by
this  Warrant  shall, upon issuance and payment of the Exercise Price in cash or
pursuant  to subsection 2.6, be validly issued, fully paid and nonassessable and
free  from  all taxes, liens, security interests, charges and other encumbrances
with respect to the issuance thereof other than taxes in respect of any transfer
occurring  contemporaneously  with  such  issuance.  The issuance of the Warrant
Shares  pursuant  hereto  will  not  be  subject  to,  and will not violate, any

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preemptive or similar rights. During the period within which this Warrant may be
exercised, the Company shall at all times have authorized and reserved, and keep
available  and  free  from  preemptive or similar rights, a sufficient number of
shares  of  Common  Stock to provide for the exercise of this Warrant and of all
other  options  or  rights  to  purchase  or  subscribe for Common Stock and the
conversion  or  exchange  of  all  convertible or exchangeable securities of the
Company,  and  shall  at its expense procure such listing thereof as then may be
required  on  all  stock  exchanges  or automated quotation systems on which the
Common  Stock  may  be  listed.

SECTION  4.  EXCHANGE,  LOSS  OR  DESTRUCTION  OF  WARRANT.

     If  permitted  by  subsection 2.4 or 2.5, upon surrender of this Warrant to
the  Company  with a duly executed instrument of assignment and funds sufficient
to  pay any transfer tax, the Company shall, without charge, execute and deliver
a new Warrant of like tenor in the name of the assignee named in such instrument
of  assignment and this Warrant shall promptly be canceled.  Upon receipt by the
Company  of  evidence  reasonably  satisfactory   to  it  of  the  loss,  theft,
destruction  or mutilation of this Warrant, the Company will execute and deliver
a  new  Warrant  of  like  tenor.

SECTION  5.  OWNERSHIP  OF  WARRANT.

     The  Company  may  deem  and  treat the person or entity in whose name this
Warrant  is  registered  as  the  holder  and  owner hereof (notwithstanding any
notations  of ownership or writing hereon made by anyone other than the Company)
for  all purposes and shall not be affected by any notice to the contrary, until
presentation  of  this  Warrant  for  registration  of  transfer  as provided in
subsections  2.1  and  2.5  or  in  Section  4.

SECTION  6.  CERTAIN  ADJUSTMENTS.

     The  Exercise  Price at which Warrant Shares may be purchased hereunder and
the number of Warrant Shares to be purchased upon exercise hereof are subject to
change  or  adjustment  as  follows:

     6.1  NOTICE  OF  ADJUSTMENT  . Whenever the number of Warrant Shares or the
Exercise  Price  of  such  Warrant  Shares  is adjusted, as herein provided, the
Company  shall  promptly  send  by  first  class  mail,  postage prepaid, to all
Warrantholders,  notice  of  such  adjustment.

     6.2 PRESERVATION OF PURCHASE RIGHTS UPON MERGER, CONSOLIDATION . In case of
any  consolidation  of  the  Company  with or merger of the Company into another
entity  or  in  case  of any sale, transfer or lease to another entity of all or
substantially  all  the  assets or stock of the Company, the Warrantholder shall
have  the  right  thereafter  upon  payment  of  the  Exercise  Price  in effect
immediately  prior  to  such action to receive upon exercise of this Warrant the
kind  and  amount  of shares and other securities and property which such holder
would  have  been entitled to receive after the happening of such consolidation,
merger,  sale,  transfer  or  lease  had this Warrant been exercised immediately
prior to such action, and the Company or such successor or purchasing entity, as
the  case  may  be,  shall  execute  with the Warrantholder an agreement to that
effect.  Such  agreement shall provide for adjustments, which shall be as nearly
equivalent as practicable to the adjustments provided for in this Section 6. The

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provisions   of  this  subsection  6.2  shall  apply  similarly  to  successive
consolidations,  mergers,  sales,  transfers  or  leases.

     6.3  ADJUSTMENTS.

          (a)  Stock  Dividends, Distributions or Subdivisions. In the event the
     Company  at any time or from time to time after the date hereof shall issue
     additional  shares  of  Common  Stock  pursuant  to a stock dividend, stock
     distribution,  subdivision,  share  split or reclassification, then, and in
     each  such  case,  concurrently  with  the effectiveness of such event, the
     Exercise  Price  in  effect  immediately  prior  to  such  event  shall  be
     proportionately decreased and the number of Warrant Shares purchasable upon
     exercise  of this Warrant immediately prior to such event and the number of
     shares  underlying  the  Warrant  shall  be  proportionately  increased.

          (b)  Combinations  or  Consolidations.  In  the  event the outstanding
     shares  of  Common  Stock   shall   be   combined   or   consolidated,   by
     reclassification,  reverse  split  or  otherwise,  into  a lesser number of
     shares  of Common Stock, concurrently with the effectiveness of such event,
     the  Exercise  Price  in  effect  immediately  prior to such event shall be
     proportionately increased and the number of Warrant Shares purchasable upon
     exercise  of  this  Warrant  immediately  prior  to  such  event  shall  be
     proportionately  decreased.

          (c)  Issuance  of  Additional  Shares  of  Common  Stock.

               (i)  In  the  event  the Company at any time or from time to time
          after  the  date hereof shall issue or sell Additional Shares (defined
          below)  without  consideration  or  for a consideration per share less
          than  the  Exercise Price in effect immediately prior to the issuance,
          then  the  Exercise  Price shall be reduced to the price at which such
          Additional  Shares  are  issued.  The total number of shares of common
          stock  to  be  purchased  under  the Warrant shall be increased to the
          number  obtained by dividing the new exercise price into the aggregate
          exercise  amount  of the Warrant prior to the lowering of the Exercise
          Price.

               (ii) In the event the Company shall issue Additional Shares for a
          consideration  per share less than the Fair Market Value of the Common
          Stock  as  of the date of such issuance, but greater than the Exercise
          Price  in  effect immediately prior to the issuance, then the Exercise
          Price  shall  be  reduced  (but  in  no event increased) to the amount
          determined  by  multiplying  such  Exercise  Price  by  a  fraction:

                    (A) the numerator of which is the number of shares of Common
               Stock  outstanding  immediately  prior  to  the  issuance of such
               Additional  Shares plus the number of shares of Common Stock that
               the  aggregate consideration, if any, received by the Company for
               the  Additional  Shares so issued would purchase at a price equal
               to  the  Fair  Market Value of the Common Stock as of the date of
               issuance;  and

<PAGE>

                    (B)  the  denominator  of  which  is the number of shares of
               Common  Stock  outstanding  immediately  prior to the issuance of
               such  Additional  Shares  plus the number of Additional Shares so
               issued.  The  total  number  of  shares  of  common  stock  to be
               purchased  under  the  Warrant  shall  be increased to the number
               obtained  by  dividing  the new exercise price into the aggregate
               exercise  amount  of  the  Warrant  prior  to the lowering of the
               Exercise  Price.

               (iii)  If  the Company issues Common Stock for a consideration in
          whole  or  in  part other than cash, the consideration other than cash
          shall  be  deemed to be the fair value thereof as determined by mutual
          agreement  of  the  Warrantholder  and the Company irrespective of any
          accounting  treatment.

               (iv)  If  the  Company  issues  options  or rights to purchase or
          subscribe   for   Common  Stock,   securities   convertible   into  or
          exchangeable  for  Common  Stock  or  options or rights to purchase or
          subscribe  for  such  convertible  or  exchangeable  securities,   the
          following  provisions  shall apply for all purposes of calculating the
          number of shares of common stock outstanding under this subsection 6.3
          upon  the  exercise  of  the  Warrants.

                    (A)  The  aggregate maximum number of shares of Common Stock
               deliverable  upon  exercise  (assuming  the  satisfaction  of any
               conditions  to  exercisability including, without limitation, the
               passage  of  time;  but  without  taking  into  account potential
               antidilution  adjustments)  of such options or rights to purchase
               or subscribe for Common Stock shall be deemed to have been issued
               at  the  time  such  options  or  rights  were  issued  and for a
               consideration equal to the consideration, if any, received by the
               Company  upon  the  issuance  of  such options or rights plus the
               exercise price provided in such options or rights (without taking
               into  account  potential antidilution adjustments) for the Common
               Stock  covered  thereby.

                    (B)  The  aggregate maximum number of shares of Common Stock
               deliverable  upon  conversion  of  or  in  exchange (assuming the
               satisfaction   of   any    conditions   to    convertibility   or
               exchangeability,  including,  without  limitation, the passage of
               time,  but  without  taking  into  account potential antidilution
               adjustments) for any such convertible or exchangeable securities,
               or options or rights to purchase or subscribe therefore, shall be
               deemed  to  have  been  issued  at  the time such securities were
               issued  or  such   options  or   rights  were   issued  and   for
               consideration equal to the consideration, if any, received by the
               Company  for  any  such  securities  and related option or rights
               (excluding  any  cash  received on account of accrued interest or
               accrued dividends), plus the additional consideration, if any, to
               be received by the Company (without taking into account potential
               antidilution adjustments) upon the conversion or exchange of such
               securities  or  the  exercise  of  any related options or rights.

<PAGE>

                    (C)  In  the  event of any change in the number of shares of
               Common  Stock  deliverable or in the consideration payable to the
               Company  upon  exercise  of  such   options  or  rights  or  upon
               conversion of or in exchange for such convertible or exchangeable
               securities,  including,  but  not  limited to, a change resulting
               from  the antidilution provisions thereof, the Exercise Price, to
               the  extent  it  is  in  any way affected by the issuance of such
               options,  rights  or  securities,  shall be recomputed to reflect
               such  change,  but  no  further  adjustment shall be made for the
               actual  issuance  of  Common  Stock  or  any   payment  of   such
               consideration  upon the exercise of any such options or rights or
               the  conversion  or  exchange  of  such  securities.

                    (D)  Upon  the expiration of any such options or rights, the
               -termination  of  any  such  rights to convert or exchange or the
               expiration  of  any options or rights related to such convertible
               or  exchangeable securities, the Exercise Price, to the extent it
               is in any way affected by the issuance of such options, rights or
               securities or options or rights related to such securities, shall
               be  recomputed  to  reflect  the  issuance  of only the number of
               shares  of   Common  Stock   (and  convertible   or  exchangeable
               securities  which  remain  in  effect)  actually  issued upon the
               exercise  of  such  options  or  rights,  upon  the conversion or
               exchange  of  such securities or upon the exercise of the options
               or  rights  related  to  such  securities.

                    (E)  The  number of shares of Common Stock deemed issued and
               the  consideration  deemed paid therefore pursuant to subsections
               6.3(c)(iv)(A)  and (B) shall be appropriately adjusted to reflect
               any  change,  termination  or expiration of the type described in
               either  subsection  6.3(c)(iv)(C)  or  (D).

                    (F)  Notwithstanding   the  foregoing  provisions   of  this
               subsection   6.3(c)(iv),   the  adjustments   required  by   this
               subsection  6.3  with  respect  to  the issuance of options under
               employee  benefit  plans  of  the  Company  shall be made, in the
               aggregate,  only after the Warrantholder has notified the Company
               that it intends to exercise this Warrant, in whole or in part, at
               which time the required adjustments shall be made with respect to
               all  such  options that shall have been issued on or prior to the
               date  of  such notice and remain outstanding (it being understood
               that  if  any  such options are actually exercised prior thereto,
               the  appropriate  adjustments,  if any, shall be made pursuant to
               the applicable provision of this subsection 6.3(c) at the time of
               exercise).

               (v)  "Additional  Shares"  shall  mean any shares of Common Stock
          issued  (or  deemed  to have been issued as contemplated by subsection
          6.3(c)(iv)  by  the Company on or after the date of this Warrant other
          than  the  Common  Stock  issued  upon  exercise  of  this  Warrant.

<PAGE>

SECTION  7.     REGISTRATION  RIGHTS.

     7.1  PIGGYBACK  REGISTRATION  .  If  at  any time or from time to time, the
Company  shall  determine  to  register the sale of any of its securities, or to
offer  any  of  its  securities for sale pursuant to an offering statement under
Regulation  A adopted under the Securities Ct of 1933 (the "Securities Act") for
its  own  account  or  the  account of any of its security holders, other than a
registration  on  Form  S-8  relating  solely  to  an employee benefit plan or a
registration  on Form S-4 relating solely to a transaction under Rule 145 of the
Securities  Act,  the  Company  will:

               (i)  give  to  the initial Warrantholder and each other person or
          entity  who  holds  all  or any portion of this Warrant or the Warrant
          Shares  (collectively  with  the initial Warrantholder, the "Holders")
          written  notice  thereof  as  soon  as practicable prior to filing the
          registration  statement  or  offering  statement, but in any event not
          later  than  20  days  prior  to  such  filing;  and

               (ii)  on  behalf  of  all  entities  requesting inclusion in such
          offering,  include  such  securities in the offering and may condition
          such  offer  on  their  acceptance  of any other reasonable conditions
          (including, without limitation, if such offering is underwritten, that
          such requesting holders agree in writing to enter into an underwriting
          agreement  with  customary  terms).  If  the  representative   of  the
          underwriter  advises  the  Company  in  writing that marketing factors
          require  a  limitation on the number of shares to be underwritten, the
          number  of  shares  to be included in the underwriting or registration
          shall  be  allocated  first  to  the  Company, and thereafter shall be
          allocated  among  the  Holders  and  other security holders requesting
          inclusion  in  the  offering  pro  rata  on the basis of the number of
          shares each requesting Holder and other security holder requests to be
          included bears to the total number of shares of all requesting holders
          that  have been requested to be included in such offering. If a person
          who  has  requested  inclusion in such offering as provided above does
          not  agree to the terms of any such underwriting, such person shall be
          excluded  therefrom  by  written  notice   from  the  Company  or  the
          underwriter.  The  securities so excluded shall also be withdrawn from
          registration,  if  applicable.

     7.2  REGISTRABLE  SECURITIES . For the purposes of this Section 7, the term
"Registrable  Securities"  shall mean any Warrant Shares issued or issuable to a
Holder  upon  exercise  of  its  Warrant, any shares of Common Stock issued to a
Holder as a dividend on its Warrant Shares, and any other shares of Common Stock
distributable on, with respect to, or in replacement of or substitution for such
Registrable  Securities, including those that have been transferred as permitted
under this Warrant, except for those that have been sold or transferred pursuant
to  an  effective  registration  statement  or  pursuant  to  Rule 144 under the
Securities  Act.

     7.3  INDEMNIFICATION.

          (a) Subject to applicable law, the Company will indemnify each Holder,
     each  underwriter  and  each  person controlling such Holder or underwriter
     against  all  claims,  losses, damages and liabilities, including legal and

<PAGE>

     other  expenses reasonably incurred, arising out of any untrue or allegedly
     untrue  statement  of  a  material  fact   contained  in  the  registration
     statement,  or  any  omission  or alleged omission to state a material fact
     required  to  be  stated in the registration statement or necessary to make
     any  statements  therein not misleading, or arising out of any violation by
     the  Company of the Securities Act, any state securities or "blue sky" laws
     or  any  applicable  rule  or  regulation.

          (b) Subject to applicable law, each Holder, severally and not jointly,
     will  indemnify  the  Company,  and  each  person  controlling the Company,
     against  all  claims,  losses, damages and liabilities, including legal and
     other  expenses reasonably incurred, arising out of any untrue or allegedly
     untrue  statement  of  a  material  fact  contained   in  the  registration
     statement,  or  required  to  be  stated  in  the registration statement or
     necessary  to  make the statements contained therein not misleading, to the
     extent,  but  only to the extent, that such untrue statement or omission is
     contained  in  any information or affidavit is furnished in writing by such
     Holder  to  the  Company  specifically  for  inclusion in such registration
     statement. In no event shall the liability of such Holder of this paragraph
     be  greater  in  amount  than the dollar amount of the proceeds received by
     such  Holder upon the sale of the Common Stock pursuant to the registration
     statement  giving  rise  to  such  indemnification  obligation.

     7.4  TRANSFER  OF REGISTRATION RIGHTS . The registration rights of a Holder
under  Section  7 hereof shall automatically be transferred to any transferee of
this  Warrant, or any portion thereof, or of any Registrable Securities, without
any  notice  or  other action by the transferring Holder of such transferee. Any
such  transferee  will  be deemed to be a Holder for purposes of this Section 7,
and  as  a  condition  precedent  to  such  transferee's  exercise of its rights
hereunder,  such  transferee must agree to be bound by the terms of this Section
7.

     7.5  OBLIGATIONS  OF  A  HOLDER  AND OTHERS IN A REGISTRATION . Each Holder
agrees  to  timely  furnish  such  information  regarding  such  person  and the
securities  sought to be registered and to take such other action as the Company
may  reasonably  request,  including  the  entering  into  of agreements and the
providing  of documents, in connection with the registration or qualification of
such  securities  and/or  the compliance of such registration statement with all
applicable  laws.  Each  Holder  severally  agrees  that, in connection with any
offering undertaken pursuant to subsection 7.1, the Company shall have the right
to,  if  it  deems  an  underwriter  of  underwriters  necessary or appropriate,
designate  such  underwriter(s); provided, however, that if the Company does not
within  60  days  from  the  date  of  the  last written notice of the Holder(s)
delivered pursuant to subsection 7.1 designate such underwriter(s) in writing to
the  Holder(s),  the  Holder(s)  shall  have  the  right  to designate their own
underwriter(s).  If the registration involves an underwriter, each participating
Holder  agrees,  upon  the  request  of  such  underwriter,  not   to  sell  any
unregistered  securities  of  the Company for a period of 120 days following the
effective date of the registration statement for such offering and to enter into
an  underwriting agreement with such underwriters containing customary terms and
provisions.

     7.6  REPRESENTATION . The Company represents and warrants that there are no
existing  registration rights or similar agreements that would prohibit, or that
would  be  violated or breached by, the Company's execution and delivery of this
Warrant.

<PAGE>

     7.7  EXPENSES  OF  REGISTRATION  . All expenses incurred in connection with
registrations  pursuant  to  this  Section 7, including, without limitation, all
registration  fees,  federal  and  state filing and qualification fees, printing
expenses,  fees and disbursements of counsel for the Company and one counsel for
the  Holders  and  expenses  of  any  special  audits of the Company's financial
statements incidental to or required by such registration, shall be borne by the
Company,  except  that  the  Company  shall not be required to pay underwriters'
discounts  or  commissions  relating to Registrable Securities being sold by any
Holders.

SECTION  8.     MISCELLANEOUS.

     8.1  ENTIRE  AGREEMENT  .  This  Warrant  constitutes  the entire agreement
between  the  Company and the Warrantholder with respect to this Warrant and the
Warrant  Shares.

     8.2  BINDING EFFECTS, BENEFITS . This Warrant shall inure to the benefit of
and  shall  be binding upon the Company, the Warrantholder and the other Holders
and  their  respective  heirs,  legal  representatives,  successors and assigns.
Nothing in this Warrant, expressed or implied, is intended to or shall confer on
any  person  or  entity  other than the Company, the Warrantholder and the other
Holders,  or  their  respective  heirs,  legal  representatives,  successors  or
assigns,  any rights, remedies, obligations or liabilities under or by reason of
this  Warrant.

     8.3  AMENDMENTS  .  This Warrant may not be modified or amended except by a
written  instrument  signed  by  the  Company  and  the  Warrantholder.

     8.4  SECTION  AND OTHER HEADINGS . The section and other headings contained
in  this Warrant are for reference purposes only and shall not be deemed to be a
part of this Warrant or to affect the meaning or interpretation of this Warrant.

     8.5  FURTHER  ASSURANCES  .  Each of the Company, the Warrantholder and the
other  Holders shall do and perform all such further acts and things and execute
and  deliver  all  such  other certificates, instruments and/or documents as any
party  hereto  may  reasonably request in connection with the performance of the
provisions  of  this  Warrant.

     8.6  NOTICES  .  All  demands,  requests,  notices and other communications
required  or  permitted  to  be given under this Warrant shall be in writing and
shall  be  deemed  to  have  been  duly  given  if delivered personally, sent by
confirmed facsimile or sent by United States certified or registered first class
mail,  postage  prepaid,  to the parties hereto at the following addresses or at
such  other address as any party hereto shall hereafter specify by notice to the
other  party  hereto:

          (a)  if  to  the  Company,  addressed  to:
               Gulfport  Energy  Corporation
               6307 Waterford  Blvd.,  Suite  100
               Oklahoma  City,  Oklahoma  73118
               Attention:  President
               Telephone  No.:  (405)  848-8807
               Facsimile  No.:  (405)  848-8816

<PAGE>

          (b)  If  to  the  Warrantholder  or any other Holder, addressed to the
     address  of  such  person  appearing  on  the  books  of  the  Company.

     Except  as  otherwise  provided herein, all such demands, requests, notices
and  other  communications  shall be deemed to have been received on the date of
personal  delivery thereof, the sending of confirmed facsimile thereof or on the
third  Business  Day  after  the  mailing  thereof.

     8.7  SEPARABILITY  . Any term or provision of this Warrant which is invalid
or  unenforceable  in any jurisdiction shall be ineffective in such jurisdiction
to  the  extent of such invalidity or unenforceability without rendering invalid
or  unenforceable  any  other term or provision of this Warrant or affecting the
validity  or enforceability of any of the terms or provisions of this Warrant in
any  other  jurisdiction.

     8.8  FRACTIONAL  SHARES  .  No  fractional  shares  or  scrip  representing
fractional  shares  shall  be  issued  upon  the  exercise of this Warrant. With
respect  to  any  fraction  of  a share called for upon any exercise hereof, the
Company  shall pay to the Warrantholder an amount in cash equal to such fraction
multiplied by the Fair Market Value of a share of Common Stock as of the date of
such  exercise.

     8.9 GOVERNING LAW; JURISDICTION; VENUE; WAIVER OF JURY TRIAL AND SERVICE OF
PROCESS  .  This  Warrant shall be interpreted and the rights and liabilities of
the  parties  hereto determined in accordance with the laws of the United States
applicable  thereto  and  the internal laws of the State of New York (other than
its  choice of law rules), and the Company hereby waives personal service of any
and all process upon it and consents that all such service of process be made by
registered  mail  directed  to such party at its address set forth in subsection
8.6  above.  The  Company waives trial by jury, any objection based on forum non
conveniens,  and  any  objection to venue of any action instituted hereunder and
consents  to  the  granting  of  such  legal  or  equitable  relief as is deemed
appropriate  by the court. Nothing in this subsection 8.9 shall affect the right
of  the  Warrantholder  or  any other Holder to serve legal process in any other
manner  permitted  by  law or affect the right of the Warrantholder or any other
Holder  to  bring  any  action  or  proceeding  against  the Company, any of its
subsidiaries  and/or  their  respective  property  in  the  courts  of any other
jurisdiction  where  such  party  maintains  offices  or  has  property.

     8.10  EQUITABLE  RELIEF  .  The  Company  recognizes that, in the event the
Company  fails  to  perform,  observe  or  discharge  any  of its obligations or
liabilities  under  this  Warrant,  any remedy of law may prove to be inadequate
relief  to  the  Warrantholder  or  any other Holder, and therefore, the Company
agrees  that  the  Warrantholder  or  other  Holder, if it so requests, shall be
entitled  to  temporary and permanent injunctive relief in any such case without
the  necessity of proving actual damages, in addition to any other remedies that
may  be  available  to  it  at  law  or  in  equity.

     8.11  EXPENSES AND ATTORNEYS' FEES . If, at anytime or times, whether prior
or  subsequent  to the date hereof, the Warrantholder employs counsel for advice
or  other  representation  or  incurs  reasonable  legal  and/or other costs and
expenses  in  connection  with:

<PAGE>

          (a)  the  negotiation, preparation or execution of this Warrant or any
     amendment  of  or  modification  of  this  Warrant;

          (b)  any  litigation,  contest,  dispute,  suit,  proceeding or action
     (whether  instituted by the Warrantholder, the Company or any other person)
     in  any  way  relating  to  this  Warrant,  unless  a  court  of  competent
     jurisdiction  finds  in  favor  of the Company as the prevailing party, and
     awards  court  costs  and  attorneys' fees to the such prevailing party; or

          (c) any attempt to enforce any rights of the Warrantholder against the
     Company  or  any other person that may be obligated to the Warrantholder by
     virtue  of this Warrant in accordance with the terms of this Warrant; then,
     in  any  such  event,  the  reasonable  attorneys'  fees  arising from such
     services  and  all reasonable expenses, costs, charges, and fees of counsel
     or of the Warrantholder in any way or respect arising in connection with or
     relating to any of the events or actions described in this subsection shall
     be  payable  on  demand  by  the  Company,  to  the  Warrantholder.

          8.12  COUNTERPARTS  .  This  Warrant  may  be  separately  executed in
     counterparts  and by the different parties hereto in separate counterparts,
     each  of  which  when so executed shall be deemed to constitute one and the
     same  Warrant.

          IN WITNESS WHEREOF, the Company and the Warrantholder have caused this
     Warrant  to be signed by their duly authorized officers as of the _____ day
     of  August,  2002.

                                   GULFPORT  ENERGY  CORPORATION

                                   By:
                                      ------------------------------------------
                                       Mike  Liddell,  Chief  Executive  Officer

                                   [WARRANTHOLDER]

                                   By:
                                      ------------------------------------------
                                      Name:
                                      Title:

<PAGE>

                          GULFPORT ENERGY CORPORATION

                              WARRANT EXERCISE FORM

                    (To be executed upon exercise of Warrant)

     The  undersigned,  the  record  holder  of this Warrant, hereby irrevocably
elects  to  exercise the right, represented by this Warrant, to purchase ____ of
the  Warrant  Shares and herewith pays the Exercise Price in accordance with the
terms  of  this  Warrant  by  (check  one):

      [ ] tendering  payment  for  such  Warrant Shares to the order of GULFPORT
          ENERGY  CORPORATION  in  the  amount  of  $

      [ ] surrendering  the  undersigned's  purchase  rights  with  respect  to
          __________ Warrant Shares, having an aggregate Fair Market Value as of
          the date of this exercise of $___________, which equals or exceeds the
          aggregate  Exercise  Price  of  the Warrant Shares being purchased, as
          permitted  by subsection 2.6 of the Warrant. (The Company shall refund
          to  the  Warrantholder  in  cash  any such excess value, not to exceed
          99.9%  of  the  Fair  Market  Value  of  one  share  of Common Stock.)

     The  undersigned  requests  that a certificate for the Warrant Shares being
purchased  be  registered in the name of _____________ and that such certificate
be  delivered  to  ______________.

Date  ____________________     Signature  _______________________________

<PAGE>

                               FORM OF ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers all
of  the  rights of the undersigned under the within Warrant, with respect to the
number  of  shares  of  Common  Stock  covered  thereby  set  forth  below,  to:

     Name  of  Assignee              Address                 No.  of  Shares
     -----------------------------------------------------------------------

and hereby irrevocable constitutes and appoints ___________________ as agent and
attorney-in-fact  to  transfer  said  Warrant  on  the  books of Gulfport Energy
Corporation,  with  full  power  of  substitution  in  the  premises.

Dated  __________________________

In  the  presence  of:

_______________________________

                                  Name:

                                  Signature:
                                  Title  of  Signing  Offer or  Agent (if  any):

                                  Address:

                                  Note:  The above signature should correspond
                                  with the name on the face of the within
                                  Warrant.

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