Gulfport Energy in $372m Utica splurge

Tapping resources: Gulfport Energy acquires Ohio acreage

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Bill Lehane

 20 December 2012 15:09 GMT

Oklahoma’s Gulfport Energy Corporation has splashed out $372 million to acquire 37,000 net acres in the Utica Shale formation in eastern Ohio.

The Nasdaq-listed explorer said it had increased the scope of the deal from a $302 million agreement initially inked on Monday with Windsor Ohio, an affiliate of limited partnership Wexford Capital.

The deal, set to close by the end of the year, will hike the explorer’s position in the play to 106,000 net acres.

Gulfport Energy is funding the deal by issuing 9 million common shares and a $50 million private placement of senior notes.

With the deal’s completion, Gulfport Energy said it could now expect production of between 7.6 million and 7.9 million barrels of oil equivalent (boe) in…

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