Gulfport Energy Corp. (GPOR) said Monday that it has commenced an underwritten public offering of 7.75 million shares of its common stock.
The underwriters will have an option to purchase up to an additional 1,162,500 shares from Gulfport solely to cover over-allotments.
Gulfport said it plans to use the net proceeds from this offering to fund its previously announced pending acquisition of oil and gas assets in the Utica Shale in Ohio and for general corporate purposes, which may include expenditures associated with Gulfport's 2013 drilling programs.
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