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Gulfport Energy Initiates Common Stock Offering; Shares Sink 3%

By: MT Newswires
Posted: 2/11/2013 11:07:00 AM
Referenced Stocks: GPOR

Gulfport Energy Corp. ( GPOR ) has commenced an underwritten public offering of 7,750,000 shares of its common stock, subject to market and other conditions. The underwriters will have an option to purchase up to an additional 1,162,500 shares from GPOR solely to cover over-allotments. The company intends to use the net proceeds from this offering to fund its 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 GPOR's 2013 drilling programs.

GPOR is down 3.0% at $40.05 in a 52-week range of $15.79 - $42.75.