Gulfport Energy Corp. (NASDAQ: GPOR) said Dec. 14 that it will sell 29 milllion shares of its common stock to the public at $21.50 per share, with expected net proceeds of $608 million.
Gulfport’s equity offering will help to pay for the acquisition of 46,400 net acres from Vitruvian II Woodford LLC for $1.85 billion.
The offering is expected to close on Dec. 21, 2016, subject to customary closing conditions. The company is also offering $600 million in senior notes due in 2025 to help fund the deal.
Recommended Reading
US Finalizes Big Reforms to Federal Oil, Gas Drilling
2024-04-12 - Under the new policy, drilling is limited in wildlife and cultural areas and oil and gas companies will pay higher bonding rates to cover the cost of plugging abandoned oil and gas wells, among other higher rates and costs.
US Interior Department Releases Offshore Wind Lease Schedule
2024-04-24 - The U.S. Interior Department’s schedule includes up to a dozen lease sales through 2028 for offshore wind, compared to three for oil and gas lease sales through 2029.
New BOEM Regulations Raise Industry Decommissioning Obligations by $6.9B
2024-04-15 - Under new regulations, the Bureau of Ocean Energy Management estimates the oil and gas industry will be required to provide an additional $6.9 billion in new financial assurances to cover industry decommissioning costs.
US EPA Expected to Drop Hydrogen from Power Plant Rule, Sources Say
2024-04-22 - The move reflects skepticism within the U.S. government that the technology will develop quickly enough to become a significant tool to decarbonize the electricity industry.
US EPA Removes Existing Gas Plants From Proposed Carbon Rule
2024-02-29 - The U.S. Environmental Protection Agency will exclude existing natural gas power plants from its proposed carbon regulations that it plans to finalize in April.