Key Developments: Gulfport Energy Corp (GPOR.O)
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Latest Key Developments (Source: Significant Developments)
Diamondback Energy Inc Unveils 5 Million Secondary Share Offering By Wexford Capital LP And Gulfport Energy Corp-DJ
Dow Jones reported that Diamondback Energy Inc unveiled a secondary offering of 5 million of its shares. About 3.4 million shares are being sold by Wexford Capital LP and 1.6 million by Gulfport Energy Corp. Diamondback which had 37.2 million shares outstanding as of March 31 won't get any proceeds from the offering. Full Article
Gulfport Energy Corp Announces Resignation Of Chairman-Form 8-K
Gulfport Energy Corp reported in its Form 8-K that on April 18, 2013, Mike Liddell, the Chairman of the Board of Directors of Gulfport Energy Corporation (Company), notified the Company that he will not stand for re-election at the Company’s 2013 Annual Meeting of Stockholders. Mr. Liddell’s decision not to stand for re-election was not the result of any disagreement between Mr. Liddell and the Company. The size of the board of directors of the Company will be reduced from six directors to five directors effective as of the Annual Meeting. Full Article
Gulfport Energy Corp Raises FY 2013 Production Guidance
Gulfport Energy Corp announced that for fiscal 2013, it expects production to be in the range of 7.8 million to 8.1 million BOE. Full Article
Gulfport Energy Corp Announces Pricing Of Common Stock Offering
Gulfport Energy Corp announced that the pricing of an underwritten public offering of 7,750,000 shares of its common stock at a price to the public of $38.00 per share. The underwriters have an option to purchase up to an additional 1,162,500 shares from Gulfport at the public offering price per share (less the underwriting discount) solely to cover over-allotments. Net proceeds to Gulfport from the sale of the 7,750,000 shares, after underwriting discounts and estimated expenses, will be approximately $282.3 million. Gulfport intends to use the net proceeds from this offering to fund its pending acquisition of oil and gas assets in the Utica Shale in Ohio and for general corporate purposes, which may include expenditures associated with Gulfport's 2013 capital development plan. The offering is expected to close on February 15, 2013, subject to customary closing conditions.Credit Suisse Securities (USA) LLC is acting as sole book-running manager in the offering. Full Article
Gulfport Energy Corp Launches Common Stock Offering
Gulfport Energy Corp announced the commencement of an underwritten public offering of 7,750,000 shares of common stock. The underwriters will have an option to purchase up to an additional 1,162,500 shares from Gulfport solely to cover over-allotments. Gulfport intends to use the net proceeds from this offering to fund previously announced pending acquisition of oil and gas assets in the Utica Shale in Ohio and for general corporate purposes, which may include expenditures associated with Gulfport's 2013 drilling programs. Credit Suisse Securities (USA) LLC is acting as sole book-running manager in the offering. Full Article
Gulfport Energy Corp Announces Proposed Acquisition Of Additional Utica Acreage
Gulfport Energy Corp announced that it has entered into a definitive agreement to purchase approximately 22,000 net acres in the Utica Shale in Eastern Ohio from Windsor Ohio LLC, an affiliate of Wexford Capital LP, 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 barrels of oil equivalent per day. Gulfport will continue to serve as operator of its acreage in the Utica Shale. The transaction was approved by a special committee of Gulfport's Board of Directors. Tudor Pickering Holt & Co acted as advisor to the special committee. In December 2012, Gulfport acquired approximately 37,000 net acres in the Utica Shale from Windsor Ohio LLC. Full Article
Gulfport Energy Corp Announces Acquisition of Additional Utica Acreage
Gulfport Energy Corp announced its agreement to acquire additional working interests in the Utica Shale. Gulfport previously announced that on December 17, 2012 it entered into a definitive agreement to purchase approximately 30,000 net acres in the Utica Shale in Eastern Ohio for approximately $302 million. The parties have now amended that agreement to provide for Gulfport's acquisition of approximately 7,000 additional net acres for approximately $70 million, resulting in a total acquisition price of approximately $372 million. The transaction, which will increase Gulfport's leasehold interests in the Utica Shale to approximately 137,000 gross (106,000 net) acres, excludes 14 existing wells, along with certain acreage surrounding each well. The proposed transaction is expected to close prior to year-end. Gulfport will continue to serve as operator of its acreage in the Utica Shale. The transaction was approved by a special committee of Gulfport's Board of Directors, which engaged independent financial advisors and counsel to assist with its review. Gulfport intends to fund this acquisition with a portion of the net proceeds from its common stock offering that priced on December 18, 2012. That offering is expected to close on December 24, 2012, subject to customary closing conditions. Full Article
Gulfport Energy Corp Prices Underwritten Public Offering
Gulfport Energy Corp announced the pricing of an underwritten public offering of 11,000,000 shares of its common stock at a price to the public of $38.00 per share. The 11,000,000 share offering represents a 2,000,000 share upsize to the originally proposed 9,000,000 share offering. The underwriters have an option to purchase up to an additional 1,650,000 shares from Gulfport at the public offering price per share solely to cover over-allotments. Net proceeds to Gulfport from the sale of the 11,000,000 shares, after underwriting discounts and estimated expenses, will be approximately $399.6 million. Gulfport intends to use the net proceeds from this offering to fund its pending acquisition of oil and gas assets in the Utica Shale in Ohio and for general corporate purposes, which may include expenditures associated with Gulfport's 2013 capital development plan. The offering is expected to close on December 24, 2012. Credit Suisse Securities (USA) LLC is acting as sole book-running manager in the offering. Full Article
Gulfport Energy Corp Prices $50 Million Tack On Offering Of Senior Notes
Gulfport Energy Corp announced that it has priced an offering of $50 million aggregate principal amount of its 7.750% senior notes due 2020 (the Notes) at an issue price of 101.000% of the aggregate principal amount of the Notes. The Notes were sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. On October 17, 2012, Gulfport completed a private placement of $250 million aggregate principal amount of its 7.750% senior notes due 2020. The Notes and the notes originally issued in October 2012 will be treated as a single class of debt securities under the same indenture. It is anticipated that the offering of the Notes will close on December 21, 2012. Gulfport expects to use the net proceeds of the current Notes offering for general corporate purposes, including the funding of a portion of its 2013 capital development plan. Full Article
Gulfport Energy Corp Launches Proposed $50 Million Tack on Offering of Senior Notes
Gulfport Energy Corp announced that it proposes to offer, subject to market conditions and other factors, $50 million aggregate principal amount of its 7.750% senior notes due 2020 (the Notes) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. On October 17, 2012, Gulfport completed a private placement of $250 million aggregate principal amount of its 7.750% senior notes due 2020. The Notes and the notes originally issued in October 2012 will be treated as a single class of debt securities under the same indenture. Gulfport expects to use the net proceeds of the current Notes offering for general corporate purposes, including the funding of a portion of its 2013 capital development plan. The Notes will be general unsecured senior obligations of Gulfport, will be guaranteed on a senior unsecured basis by certain of Gulfport's subsidiaries and will pay interest semi-annually. Full Article
Gulfport Energy Chairman Liddell to step down -filing
NEW YORK, April 19 - Oil and gas company Gulfport Energy Corp said on Friday Chairman Mike Liddell will not seek reelection in 2013.
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