Gulfport Energy Corp. signed a definitive agreement to buy 22,000 net acres in the Utica shale in Eastern Ohio from Windsor Ohio LLC, an affiliate of Wexford Capital LP, for $220 million, increasing Gulfport's leasehold interests in the Utica shale to 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 by Feb. 28, will increase Gulfport's working interest in the acreage to 93.8%.
Last year, Gulfport acquired 37,000 net acres in the Utica shale from Windsor Ohio LLC (OGJ Online, Dec. 18, 2012).
Calculating production from the pending acquisition, Gulfport estimates its 2013 net production will be 21,370-22,192 boe/d. Gulfport will continue to serve as operator of its acreage in the Utica shale.