Porter Hedges Represents American Energy-Utica in its $407M Sale of Appalachian Assets to Gulfport Energy Corporation
Porter Hedges represented American Energy – Utica, LLC (AEU), in its sale of undeveloped leasehold interests, producing wells and gathering assets to Gulfport Energy Corporation (NASDAQ: GPOR) for approximately $407 million. In addition, Porter Hedges acted as Oklahoma counsel for AEU in connection with the simultaneous $977 million equity and debt financing.
The asset sale consists of approximately 35,000 net acres in Belmont, Monroe, and Jefferson Counties, Ohio. American Energy – Utica is one of the two operating subsidiaries of Ascent Resources, LLC (formerly American Energy Appalachia Holdings, LLC).
The Porter Hedges sale transaction team included energy partners Ray Lees and Jeremy Mouton and the refinancing transaction team included partner Ray Lees and associates John Edwards and Maggie Phipps.
For additional information on the transaction, please see the Ascent press release here.