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Gulfport Energy (GPOR) Forecasts Jump In 2013 Production, To Acquire Additional Utica Acreage

 December 20, 2012 10:35 AM
 


(By Balachander) Gulfport Energy Corp. (NASDAQ: GPOR) said it expects 2013 production between 7.60 million and 7.90 million barrel of oil equivalent (BOE) and it agreed to acquire additional working interests in the Utica Shale for roughly $70 million.

The Oklahoma City-based oil and natural gas explorer said the production forecast for the next year represents a jump of 195 percent to 203 percent over estimated production of 2.575 million BOE for 2012.

Under an amended agreement, Gulfport will acquire 7,000 additional net acres in the Utica Shale in Eastern Ohio.

Gulfport expects the acquisition to increase its leasehold interests in the Utica Shale to about 137,000 gross acres.

[Related -T. Boone Pickens: A Billionaire's Top 10 Energy Stocks]

The company on Monday said it will buy around 30,000 net acres in the Utica Shale for about $302 million.

The latest deal results in a total acquisition price of roughly $372 million.

Gulfport plans to fund the deal with a portion of the net proceeds from its public offering of 11 million shares at $38.00 apiece.

The proposed deal is expected to be completed before the end of the year.

Shares rose 1.19 percent to trade at $37.90 on Thursday.

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