Porter Hedges Represents Special Committee of the Gulfport Energy Corporation Board of Directors in the $372 million acquisition of Utica Shale Acreage from Windsor Ohio
|HOUSTON, December 24, 2012: Porter Hedges represented a Special Committee of the Gulfport Energy Corporation (“Gulfport”) Board of Directors in the $372 million acquisition of Utica Shale acreage from Windsor Ohio, LLC (“Windsor Ohio”). Gulfport funded this acquisition with a portion of the net proceeds from its common stock offering that priced on December 18, 2012. The deal closed on December 24, 2012. |
Gulfport announced on December 17, 2012 that it entered into a definitive agreement to purchase approximately 30,000 net acres in the Utica Shale in Eastern Ohio for approximately $302 million. The parties amended that agreement to provide for Gulfport's acquisition of approximately 7,000 additional net acres for approximately $70 million, resulting in a total acquisition price of approximately $372 million. The transaction increases Gulfport's leasehold interests in the Utica Shale to approximately 137,000 gross (106,000 net) acres.
The transaction was approved by the Special Committee of Gulfport's Board of Directors. Porter Hedges served as legal counsel to the Special Committee and Tudor, Pickering, Holt & Co. served as the financial advisors.
The Porter Hedges deal team included Rob Reedy and Kevin Poli in the corporate practice, Bob Thomas and Mac Marshall in energy practice, and Geoff Schultz from the tax practice.
For additional information, please see the Gulfport press release here.