Energy Prospectus

6:04AM Gulfport Energy launches common stock offering of 4 mln shares by co and one of its stock holders (GPOR) 31.36 : CO announces it has commenced an underwritten public offering of 4 mln shares of its common stock, subject to market and other conditions, of which 2 mln shares will be sold by co and 2 mln shares will be sold by one of its stockholders. Co intends to use its net proceeds from this offering to fund its pending Utica Shale acquisition and for general corporate purposes, which may include expenditures associated with co's 2011 drilling programs. Co will not receive any proceeds from the sale of shares of its common stock by the selling stockholder.

amazing, after an ~10% dilution gpor is up >$1.

GPOR has made a "World Class" discovery in Thailand. Could several TCFE in a good market for gas.

GPOR also selling most of their oil at a $15/bbl premium to WTI.

why would gpor allow a shareholder to sell 2.4m shs along with their public offering? anybody understand this?
seems unusual.

It is much better to sell it this way than in the open market. Whoever this is, they are going to book a HUGE capital gain on the sale.