The purchase price for 6,198 net undeveloped acres in Belmont and Jefferson counties is about $68.2 million, subject to adjustment. The acreage is near or adjacent to acreage in Gulfport’s pending acquisition of Paloma Partners III LLC (OGJ Online, Apr. 16, 2015).
In a second agreement with AEU for about $319 million, Gulfport will acquire 27,228 net acres in Monroe County, including 14.6 MMcfd of net production, 11.3 net drilled but uncompleted wells, a fully constructed four-well pad location, and an 11-mile gas gathering system.
Gulfport also has agreed to acquire from AEU an additional 1,900 net acres in Monroe County for $19.4 million if completed within 30 days of the closing of the other Monroe agreement.
The pending Paloma acquisition includes 24,000 net acres. Gulfport said its holdings of Utica shale leasehold are expected to total 243,000 net acres.