Gulfport Energy Corp. (GPOR) said it has priced an underwritten public offering of 7.75 million shares at $38 per share. The underwriters were granted an option to buy up to an additional 1.16 million shares from Gulfport at the public offering price per share solely to cover over-allotments.
Net proceeds from the sale of the 7.75 million shares, after underwriting discounts and estimated expenses, would be some $282.3 million. Gulfport plans to use the net proceeds to fund its 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 capital development plan. The offering may close on February 15, 2013.
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