Gulfport Energy to acquire additional Utica acreage
OKLAHOMA CITY -- Gulfport Energy announced its proposed acquisition of additional working interests in the Utica shale in Eastern Ohio.
Gulfport has entered into a definitive agreement to purchase approximately 22,000 net acres in the Utica shale in Eastern Ohio from Windsor Ohio, an affiliate of Wexford Capital, for approximately $220 million, increasing Gulfport's leasehold interests in the Utica Shale to approximately 137,000 gross (128,000 net) acres.
This acquisition excludes Windsor Ohio's interest in 14 existing wells and 16 proposed future wells and certain acreage surrounding these wells.
The proposed transaction, which is expected to close prior to the end of February 2013, will increase Gulfport's working interest in the acreage to 93.8%. After giving effect to this acquisition, Gulfport currently estimates that its 2013 net production will be approximately 21,370 to 22,192 boepd. Gulfport will continue to serve as operator of its acreage in the Utica shale.