EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT, made and entered into as of this 18th day of May, 1999, to be effective as of June 1, 1999 (Effective Date), by and between GULFPORT ENERGY CORPORATION, a Delaware corporation, with address of 6307 Waterford Blvd., Suite 100, Oklahoma City, OK 73118, and MIKE LIDDELL, an individual, residing at 18824 Otter Creek Drive, Edmond, OK 73003 (Employee).

WITNESSETH:

WHEREAS, Employer is engaged in the exploration and development of crude oil and natural gas fields and in the gathering, processing, transportation and marketing of hydrocarbons and in secondary recovery activities.

WHEREAS, Employee is and has been for some time a principal officer of Employer, and is highly experienced in the management and conducting of the business of Employer. Employer is desirous of entering into an agreement with Employee, whereby said Employee will continue to be employed by Employer in order to serve on an ongoing basis as the Chief Executive Officer of Employer, upon the terms and conditions hereinafter provided; and

WHEREAS, Employee is willing to enter into this Employment Agreement with Employer to serve as the Chief Executive Officer of Employer, in consideration of the payments to be made to him by Employer, and certain other additional and valuable benefits and inducements to be granted to him by Employer as hereinafter set forth and in accordance with the conditions hereinafter provided.

NOW, THEREFORE, for and in consideration of the conditions hereinbelow to be performed on the part of the respective parties hereto, and in consideration of the mutual covenants and agreements hereinafter set forth, it is hereby jointly and severally agreed by and between Employer and Employee as follows, to-wit:

1. EMPLOYMENT. Employer hereby employs Employee to render the services and perform the duties described below for Employer and Employee hereby accepts employment with Employer, upon the terms and conditions hereinafter set forth.

2. TERM OF EMPLOYMENT. Subject to the provisions on termination of employment contained in Paragraph 9 herein, the term of the employment provided for herein of Employee by Employer shall be for a period of five (5) years, beginning on the Effective Date of this Agreement and ending on the date which is the last day prior to the fifth (5th) anniversary of the Effective Date. Subject to the provisions on termination of employment as provided for in paragraph 9 below, this Agreement shall be automatically renewed for successive terms of one (1) year each, on the date which is the fifth (5th) anniversary date of the Effective Date of this Agreement, and on the anniversary date of the Effective Date of this Agreement in each ensuing year thereafter, unless within sixty (60) days prior to such renewal date, either party to this Agreement shall notify the other party hereto in writing, that said Agreement shall terminate and end at the close of the then current employment term.

3. DUTIES. Employee shall render services to the Employer as its Chief Executive officer to the best of his ability for and on behalf of the Employer. The Employee shall comply with all

laws, statutes, ordinances, rules and regulations relating to the performances of services for the Employer under this Agreement. During the term of this Agreement, Employee shall serve as the Chief Executive Officer of Employer, and in that capacity shall, subject to the control of the Board of Directors of Employer, generally supervise, plan and direct the business and affairs of Employer and shall preside at all meetings of the shareholders of Employer and of the Board of Directors of Employer. As Chief Executive Officer of Employer, Employee shall exercise and perform such other powers and duties as are usually vested in a president and chief executive or operating officer, or as may be from time to time prescribed or assigned to him by the Employers Board of Directors, or as may be otherwise prescribed by the Bylaws of the Employer. The designation by Employers Board of Directors of any other duties or any other titles for Employee during the term of this Agreement shall not affect Employees compensation as provided for herein.

4. COMPENSATION.

a. During the term of this Agreement, the Employee shall be paid an annual base salary by Employer for the services rendered to Employer by Employee, as described above, in the amount of TWO HUNDRED THOUSAND AND NO/100 DOLLARS ($200,000.00) per year. This salary shall be payable to Employee in twelve (12) monthly installments of SIXTEEN THOUSAND SIX HUNDRED AND SIXTY SIX AND 66/100 DOLLARS ($16,666.66) per month for each month during which services are rendered by Employee to Employer during the term of this Agreement. The base salary of TWO HUNDRED THOUSAND AND NO/100 ($200,000.00) to be paid by Employer to Employee each year during the term of this Agreement shall be increased annually in an amount equal to any increase in the cost of living as determined in accordance with the formula set forth below in this subparagraph a.

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