Gulfport Energy Corp. (Nasdaq: GPOR) has priced its public offering of some 7.8 million shares of its common stock at US $38 per share.
The underwriters will have an option to purchase up to some 1.2 million additional shares solely to cover over-allotments. Gulfport estimates net proceeds of US $282.3 million. Net proceeds will be used 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.
Credit Suisse Securities (USA) LLC is sole book-running manager.
Gulfport Energy Corp. is an Oklahoma City-based independent oil and natural gas E&P company.