Akin Gump Strauss Hauer & Feld LLP advised Oklahoma City-based oil and gas production company Gulfport Energy Corporation on a pair of deals announced today.
Akin Gump worked with Gulfport as it agreed to purchase an additional 22,000 net acres in the Utica Shale of eastern Ohio. The deal, worth roughly $220 million, will increase Gulfport’s leasehold interests in the Utica Shale to approximately 137,000 gross (128,000 net) acres.
Akin Gump is also advising Gulfport in its offering of 7.75 million shares of common stock, which is expected to generate net proceeds in excess of $300 million without giving effect to any exercise of the underwriters’ over-allotment option. The company says it will use the proceeds to fund the Utica Shale acquisition and for general corporate purposes.
Seth Molay, a corporate partner in Akin Gump’s Dallas office, led the team advising Gulfport on both of these matters.
