OKLAHOMA CITY, June 30 — Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today announced the successful acquisition of approximately 4,700 net undeveloped acres in the core of the Ohio Utica in Belmont County, Ohio, through the Ohio Oil and Gas Land Management Commission State Land Lease Sale for a total purchase price of approximately $83.0 million.
Key Highlights
- Large, contiguous acquisition of approximately 4,700 net undeveloped acres secured in a highly competitive lease sale environment, adjacent to existing operations and recently acquired discretionary acreage
- High-quality core acreage position expected to drive development efficiency, unlock operational synergies and maximize utilization of existing infrastructure and midstream capacity
- Located in the highly productive, liquids-rich Utica wet gas window and represents a core, top-tier area of Gulfport’s acreage
- Adds approximately 16 net locations (normalized to 15,000’ laterals), with locations concentrated in the highest-return tier of our development opportunities
- Development expected to commence in 2027, with forecasted returns at the top end of our portfolio, highlighting the strong economic profile and immediate actionability of the acquired acreage
- Total purchase price of approximately $83.0 million equates to approximately $17,500 per net acre or $5.1 million per net location (normalized to 15,000’ laterals)
- Strong financial position supports the acquisition, funded through cash on hand and available capacity under Gulfport’s revolving credit facility
Nick Dell’Osso, Gulfport’s President and Chief Executive Officer, commented, “The Ohio state land lease acquisition represents a highly strategic bolt-on to our core Utica position, adding a large, contiguous block of acreage adjacent to our existing best-in-class Utica gas inventory, further underscoring the strategic nature of this investment. The position lies in the fairway of the highly productive, liquids-rich Utica wet gas window and offers the highest-return opportunities in our portfolio, extending our liquids runway while enhancing the depth and flexibility of our development program across commodity cycles.”
“As Gulfport has consistently demonstrated, we are focused on disciplined capital allocation and investing in opportunities that drive value creation. Our strong balance sheet enables us to execute this acquisition while maintaining financial strength and we are committed to continuing to build net asset value and delivering durable, long-term returns for our shareholders,” Dell’Osso concluded.