Gulfport Energy announces entry into the SCOOP play, acquires acres
Gulfport Energy announced that the Company has entered into a definitive agreement with Vitruvian II Woodford, , a portfolio company of Quantum Energy Partners, to acquire approximately 46,400 net surface acres in the core of the SCOOP, including approximately 183 MMcfe per day of net production for October 2016 for a total purchase price of $1.85 billion.Acquisition Highlights: Substantially contiguous acreage position totaling approximately 85,000 net effective acres, which includes rights to 46,400 Woodford acres and 38,600 Springer acres, in Grady, Stephens and Garvin Counties, Oklahoma, with approximately 80% held by production. Stacked-pay potential with approximately 1,750 gross drilling locations, including over 775 gross locations with internal rates of return of approximately 75%, targeting the Woodford and Springer intervals with significant upside potential through infill drilling and additional prospective zones. Existing production of approximately 183 MMcfe per day in the month of October 2016. Total estimated proved reserves at September 30, 2016 were 1.1 Tcfe. :theflyonthewall.com
16:43 EDT GPOR
theflyonthewall.com: Gulfport Energy files to sell 29M shares of common stock