Gulfport Energy Inches Higher on Utica Shale Acquisition, 2013 Production Guidance

By Staff,

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Gulfport Energy Corp. ( GPOR ) is up 0.9% after agreeing to acquire additional working interests in the Utica Shale and offering 2013 guidance with consideration of the acquisition.

In mid-December, GPOR entered into a definitive agreement to purchase approximately 30,000 net acres in the Utica Shale for approximately $302 million. Per an amended agreement, GPOR will receive approximately 7,000 additional net acres for approximately $70 million, resulting in a total acquisition price of approximately $372 million.

After giving effect to the Utica acquisition described above, GPOR currently expects 2013 production to be in the range 7.60 million to 7.90 million BOE.

GPOR is trading at $37.81 in a 52-week range of $15.79 - $40.73. Shares have increased 28% in the last 12 months.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: GPOR

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