Gulfport Energy Corporation agreed on Tuesday to acquire acreage and associated assets in the Utica shale play from American Energy – Utica (AEU) for about $387 million.
Oklahoma-based Gulfport purchased 6,198 gross acres in Belmont and Jefferson Counties, Ohio from AEU for a purchase price of approximately $68.2 million, subject to adjustment.
The acreage is located near or adjacent to the acreage included in Gulfport’s previously and still pending announced acquisition of Paloma Partners III, LLC.
“This newly acquired Belmont and Jefferson County acreage is undeveloped and is expected to fit into the Company’s development plan for the Paloma acreage area,” Gulfport said.
Gulfport also agreed to purchase 38,965 gross acres located in Monroe County, Ohio from AEU for $319 million.
The deal includes 18 gross drilled but uncompleted wells, one fully constructed four well pad location and an 11 mile gas gathering system.
Gulfport said that the Monroe acreage produced an estimated 14.6 million cubic feet of gas per day in April 2015.
The company will operate all of the newly acquired acreage and anticipates the assets will add 200 net locations to its existing drilling inventory.
Gulfport said it has agreed to acquire another 4,950 gross acres in Monroe County from AEU for $19.4 million if AEU completes the acquisition of the acreage “within 30 days of the closing of the Monroe acquisition.”
The new acquisitions, including the additional Monroe acreage, will boost Gulfport’s holdings in the Utica formation to about 262,000 gross acres in the core of the play.