The Oklahoma City-based player has bought 12,600 net undeveloped acres in the dry gas window of the Utica in northern Monroe County, Ohio, from an unidentified third party.
The $87 million cash deal, which is expected to close this month, involves acreage adjacent to the company’s current position in the Utica. Half of the newly-acquired acreage is held by production.
Gulfport currently holds 211,000 net acres in the Utica shale of the Appalachian basin, operating an average of four rigs and producing an average of 713 million cubic feet per day of gas in the third quarter.
Analysts
