Akin Gump Represents Gulfport Energy in Utica Shale Acquisitions Totaling $406 Million and 11.5 Million Share Equity Offering
(Dallas) – Akin Gump advised Gulfport Energy Corporation in its acquisitions of additional acreage in the Utica Shale, associated assets and incremental firm transportation commitments from American Energy – Utica, LLC for approximately $406 million.
The highlights of the acquisition transactions include:
- contiguous bolt-on acreage acquisitions totaling approximately 35,325 net acres in Monroe, Belmont and Jefferson counties in Ohio;
- 11-mile gas gathering gas system currently in place and operational in Monroe County to support near-term development;
- 14.6 MMcf per day of average net production;
- 18 gross drilled but uncompleted wells;
- a four well pad location; and
- incremental 287,000 MMBtu per day of firm transportation commitments to provide access to favorable pricing points outside of the Appalachian Basin.
This acreage is located near or adjacent to the acreage included in Gulfport’s previously announced acquisition of Paloma Partners III, LLC. Akin Gump also advised on that transaction.
Akin Gump also represented Gulfport in its sale of 11.5 million shares of common stock for gross proceeds of approximately $497 million. These proceeds will be used to fund a portion of the Utica Shale acquisitions discussed above and for several corporate purposes, including a portion of Gulfport’s 2015 capital development plans.
Seth Molay, a partner in Akin Gump’s corporate practice, Michael Byrd, an oil and gas partner, and Rahul Vashi, an oil and gas associate, advised Gulfport in the Utica Shale acquisitions. Molay also worked on the equity offering, with corporate senior counsel Irina Maistrenko, corporate counsel Ben Morgan and corporate associate Lech Wilkiewicz.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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