Loading...
Loading...
Gulfport Energy Corporation
GPOR today announced its proposed acquisition of additional working
interests in the Utica Shale in Eastern Ohio.
Utica Shale
Gulfport has entered into a definitive agreement to purchase approximately
22,000 net acres in the Utica Shale in Eastern Ohio from Windsor Ohio LLC, an
affiliate of Wexford Capital LP, for approximately $220 million, increasing
Gulfport's leasehold interests in the Utica Shale to approximately 137,000
gross (128,000 net) acres. This acquisition excludes Windsor Ohio's interest
in 14 existing wells and 16 proposed future wells and certain acreage
surrounding these wells. The proposed transaction, which is expected to close
prior to the end of February 2013, will increase Gulfport's working interest
in the acreage to 93.8%. After giving effect to this acquisition, Gulfport
currently estimates that its 2013 net production will be approximately 21,370
to 22,192 barrels of oil equivalent per day. Gulfport will continue to serve
as operator of its acreage in the Utica Shale. The transaction was approved by
a special committee of Gulfport's Board of Directors. Tudor Pickering Holt &
Co acted as advisor to the special committee. In December 2012, Gulfport
acquired approximately 37,000 net acres in the Utica Shale from Windsor Ohio
LLC.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted In: News
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in