Gulfport Energy Corp. (Nasdaq: GPOR) announced it has completed the contribution of all of its oil and gas interests in the Permian Basin to Diamondback Energy Inc.
In May 2012, Gulfport Energy entered into a contribution agreement with Diamondback, in which Gulfport agreed to contribute, prior to the closing of Diamondback's initial public offering, all of Gulfport's oil and natural gas interests in the Permian Basin in exchange for common stock representing 35% of Diamondback's outstanding common stock and approximately $63.6 million in the form of a promissory note to be paid to Gulfport upon closing of such offering.
Diamondback issued Gulfport 7.9 million shares of Diamondback common stock and a promissory note for $63.6 million, which will be paid to Gulfport at the closing of the offering. The closing is expected to occur on or about Oct. 17, 2012.
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