Gulfport Energy Corporation Announces Agreement to Acquire 12,600 Net Undeveloped Dry Gas Utica Acres Located in Northern Monroe County, Ohio

Gulfport Energy Corporation Announces Agreement to Acquire 12,600 Net Undeveloped Dry Gas Utica Acres Located in Northern Monroe County, Ohio

Gulfport Energy Corporation (Nasdaq:GPOR) (“Gulfport” or the “Company”) today announced that the Company has entered into a definitive agreement with a third-party to acquire approximately 12,600 net undeveloped acres located in northern Monroe County, Ohio in the core of the dry gas window of the Utica Shale for an aggregate purchase price of approximately $87 million, subject to customary post-closing adjustments. Gulfport plans to fund the acquisition with available cash-on-hand.

This acreage is located near or adjacent to Gulfport’s existing acreage position and development plan, and is approximately 50% held by production.  The transaction is expected to close in December 2016.

SOURCE:  http://www.gulfportenergy.com/news/press-releases/detail/1296/gulfport-energy-corporation-announces-agreement-to-acquire

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