After so much focus on Oklahoma’s Stack Play, perhaps it was inevitable an E&P would eye the nearby Scoop as an equally lucrative opportunity.

Gulfport Energy Corp. (NASDAQ: GPOR) said Dec. 14 that it has an agreement to purchase 46,400 net acres from Vitruvian II Woodford LLC for $1.85 billion. Gulfport will continue to operate its core Utica holdings. Vitruvian is backed by Quantum Energy Partners.

Gulfport, based in Oklahoma City, Okla., said the acreage is in the “core of the core” and 80% HBP. The company estimates it has about 85,000 effective net acres in Grady, Stephens and Garvin counties, Okla., due to stacked potential targeting the Woodford and Springer shales.

Vitruvian averages 183 million cubic feet equivalent per day (MMcfe/d) in volumes. Total estimated proved reserves as of Sept. 30 were 1.1 Tcfe.

Gulfport agreed to purchase 46,400 net surface acres, 80% HBP in Grady, Stephens, and Garvin counties, Okla. The purchase price equates to about $20,000/ acre. The assets include 564 net with upside potential from the Sycamore and Caney intervals as well as downspacing, said Gordon Douthat, senior analyst at Wells Fargo Securities.

“Vitruvian had an impressive track record in the play having drilled half of the Top 26 SCOOP wells by 30-day initial production standards with offset operators including Marathon, Apache, and Continental,” he said.

Vitruvian has de-risked its holdings with 48 operated horizontal wells drilled during the past three years. Its inventory consists of 1,750 gross identified locations in the Woodford and 570 in the Springer, with potential upside from downspacing tests.

“The company’s stated strategy in the Utica remains intact with management still looking to grow inventory through bolt-ons while the production growth outlook … remains in place,” Douthat said. “Bottom line, the transaction introduces more questions in our view and we think shares are pressured until further digested in models.”

Michael G. Moore, Gulfport’s president and CEO, said the combination with Vitruvian’s Scoop position and Gulfport’s Utica assets will transform the company’s position in two core natural gas basins.

“In Vitruvian, we believe we have found a prolific stacked pay resource with strong production history, a multi-year, high-return drilling inventory – an opportunity with significant upside from both a resource and operational perspective,” Moore said. “This acquisition is not only additive to our Company but in our opinion truly one-of-a-kind.”

Gulfport will pay for the acquisition with $1.35 billion in cash. Gulfport said Dec. 14 that it would offer 29 million shares of common stock to help pay for the acquisition, among other expenses.

BofA Merrill Lynch acted as exclusive financial adviser to Gulfport in connection with the transaction. Akin Gump Strauss Hauer & Feld LLP served as Gulfport’s legal counsel. Jefferies acted as financial adviser to Vitruvian and Vinson & Elkins served as the company’s legal counsel.

Michael G. Moore, Gulfport’s president and CEO, said the combination with Vitruvian’s Scoop position and Gulfport’s Utica assets will transform the company’s position in two core natural gas basins.

“In Vitruvian, we believe we have found a prolific stacked pay resource with strong production history, a multi-year, high-return drilling inventory – an opportunity with significant upside from both a resource and operational perspective,” Moore said. “This acquisition is not only additive to our Company but in our opinion truly one-of-a-kind.”

Darren Barbee can be reached at dbarbee@hartenergy.com.