Gulfport Energy to acquire undeveloped dry gas Utica acres in Ohio

Oklahoma City, OK-based Gulfport Energy Corp. (Nasdaq:GPOR) has entered into a definitive agreement with a third-party to acquire approximately 12,600 net undeveloped acres located in northern Monroe County, Ohio in the core of the dry gas window of the Utica Shale for an aggregate purchase price of approximately $87 million, subject to customary post-closing adjustments. Gulfport plans to fund the acquisition with available cash-on-hand.

This acreage is located near or adjacent to Gulfport’s existing acreage position and development plan, and is approximately 50% held by production. The transaction is expected to close in December 2016.

Commenting on the deal, Capital One Securities analyst Brian T. Velie said “the $6.9K/acre price compares favorably to the $19K/acre value that we were modeling for the 141K net dry gas Utica acres already held by GPOR.”

Gulfport Energy is an independent oil and natural gas exploration and production company with its principal producing properties located in the Utica Shale of Eastern Ohio and along the Louisiana Gulf Coast. In addition, Gulfport holds an acreage position in the Alberta Oil Sands in Canada through its 24.9% interest in Grizzly Oil Sands ULC.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...