Gulfport Adds to Utica Shale Holdings
Exploration and production company Gulfport Energy announced today that it has agreed to purchase around 22,000 net acres in the Utica Shale for $220 million. The eastern Ohio land, currently owned by Wexford Capital, will increase Gulfport's total leasehold interests in the Utica Shale to approximately 128,000 net acres. Gulfport previously acquired around 37,000 net acres of Utica Shale land from Wexford in December.
Wexford, through subsidiary Windsor Ohio, will maintain acreage around 14 existing wells and 16 proposed ones. Gulfport estimates that this newest acquisition will increase its working interest to 93.8% for 2013, with total net production just under 22,000 barrels of oil equivalent per day.
According to Gulfport, the transaction should be completed by the end of February.
The article Gulfport Adds to Utica Shale Holdings originally appeared on Fool.com.Fool contributor Justin Loiseau has no position in any stocks mentioned. You can follow him on Twitter, @TMFJLo, and on Motley Fool CAPS, @TMFJLo.The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.