The Oklahoma City-based company will pay $185 million to coal producer player Rhino Resources to buy out its Utica holdings, according to a binding letter of intent.
Rhino's Utica assets, located in eastern Ohio, include 8200 acres and about 1000 barrels of oil equivalent per day of production, Gulfport said.
Gulfport said it plans to purchase all rights, title, and interest in leasehold and mineral interests owned by Rhino in the Utica, as well as all wells, production, data, equipment, contract permits and "privileges relating to the ownership of such properties".
The
