Gulfport Energy Corp. announced the final pricing of an offering of common stock last week. The company also increased the size of the offering due to strong demand from the institutional investment community.
Gulfport Energy is selling 4.8 million shares of its common stock at a price of $32 per share. The company is selling 2.4 million shares and the balance of the shares is being sold by a large shareholder.
Gulfport Energy said that the company originally intended to sell 4 million shares but strong interest from investors led to a 20% increase in the size of the offering. The company estimates that it would receive $73 million in net proceeds from the offering after expenses.
Gulfport Energy intends to use the proceeds to fund a recent acquisition of oil and gas acreage and the company’s 2011 capital budget.
In early 2010, Gulfport Energy agreed to purchase a 50% share of 27,500 gross acres in Ohio that is prospective for the Utica Shale. The company will pay $31.6 million and expects the deal to close in May 2011.
For more information on the company, go to www.gulfportenergy.com
About QualityStocks:
QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. We offer several ways for investors to learn more about investing in these companies as well as find and evaluate them.
Sign up for “The QualityStocks Daily Newsletter” at www.QualityStocks.net
The Quality Stocks Daily Blog http://blog.qualitystocks.net
The Quality Stocks Daily Videos http://videocharts.qualitystocks.net
The Quality Stocks “Ones to Watch” http://Gotstocks.QualityStocks.net
Please see disclaimer on QualityStocks website: http://disclaimer.qualitystocks.net
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment