Oklahoma business briefs for Jan. 6

Oklahoma business briefs for Jan. 6, 2014
Published: January 7, 2014
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Oklahoma briefs

Sonic expands in New York

Oklahoma City-based Sonic Drive-In on Monday announced a franchise agreement for eight new drive-ins in Buffalo, N.Y., over the next six years, with the first planned to open in the spring of 2015. The eight locations will extend throughout Niagara and Erie counties in upstate New York. The announcement follows after Sonic said in June it will bring six new locations to Rochester, N.Y., over the next four years.

Gulfport has record production

Gulfport Energy Corp. said Monday it ended the year with a record daily production of 27,780 barrels of oil equivalent per day, up 340 percent from 6,200 barrels per day one year ago. “This is a significant milestone for Gulfport employees and shareholders,” CEO James Palm said. “We are diligently working to execute on our 2014 program and look forward to substantial growth as a company during 2014 as we continue to develop our Utica Shale assets.” The Oklahoma City oil and natural gas producer said it expects production to be flat in the first quarter of 2014 compared to the 2013 exit rate because of scheduled downtime on existing producing wells.

Banks announce merger

Oklahoma City-based Bank7 and Montezuma State Bank of Montezuma, Kan., have agreed to merge Montezuma State Bank into Bank7. The action was approved by directors of both companies and is expected to close in the first quarter of 2014, subject to customary closing conditions, including regulatory approvals. The acquisition will add two new locations in Montezuma and Copeland, Kan., to Bank7's existing five locations in central and northwestern Oklahoma. The transaction will boost Bank7's total assets to more than $400 million.