Gulfport adds acreage
Gulfport Energy Corp. has agreed to buy 22,000 net acres in the Utica Shale of eastern Ohio from Windsor Ohio LLC for about $220 million. The deal, which is expected to close by the end of February, increases Gulfport's holding in the area to 128,000 net acres. The Oklahoma City energy company said Monday it expects to produce about 21,000 to 22,000 barrels of oil equivalent per day. Also on Monday, Gulfport said it has begun a public offering of 7.75 million shares of common stock. At Monday's closing price of $38.68 a share, the offering would raise nearly $300 million. Gulfport said it will use proceeds from the offering to pay for the Utica Shale purchase and for general corporate purposes.
From Staff Reports