TEXT-S&P says Gulfport Energy ratings unchanged by note add-on

Tue Dec 18, 2012 2:39pm EST

Related Topics

Dec 18 - Standard & Poor's Ratings Services said today that its 'B-'
corporate credit rating and 'CCC+' issue-level rating on Gulfport Energy Corp.
 are unchanged by Gulfport's announcement yesterday that it will issue
9,000,000 shares of common stock and launch a $50 million add-on to its 7.75%
senior notes due 2020. Net proceeds from the equity offering and the add-on will
be used primarily to fund the acquisition of approximately 30,000 net acres in
the Utica Shale from Windsor Ohio LLC for about $300 million. 


Gulfport Energy Corp.
  Corporate credit rating                  B-/Negative/--
  $300 mil. 7.75% sr unsec notes due 2020  CCC+
   Recovery rating                         5

Complete ratings information is available to subscribers of RatingsDirect on 
the Global Credit Portal at www.globalcreditportal.com. All ratings affected 
by this rating action can be found on Standard & Poor's public Web site at 
www.standardandpoors.com. Use the Ratings search box located in the left