Gulfport intends to use the net proceeds from the offering to repay a portion of the outstanding indebtedness under its revolving credit facility with Bank of America, N.A. Gulfport intends to continue to borrow under this credit facility to fund its recently expanded 2007 drilling program and for general corporate purposes.
The offering is expected to close on May 22, 2007, subject to customary closing conditions. The common stock will be issued pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission.
A prospectus supplement related to the offering will be filed with the Securities and Exchange Commission and be available on the SEC's website, http://www.sec.gov.
Gulfport Energy Corp. is an Oklahoma City-based independent oil and natural gas exploration and production company with its principal producing properties located along the Louisiana Gulf Coast. Gulfport, through a joint venture, acquired an acreage position in the Alberta oil sands in Canada and drilled core samples this winter. In addition, Gulfport has an indirect interest in the producing Phu Horm gas field in Thailand.
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