Gulfport Energy has sold certain of its oil and gas properties and related assets located in the Bakken Shale of North Dakota for $13.0 million, with an effective date of April 1, 2009. The portion of Gulfport's Bakken Shale assets sold includes approximately 12,270 net acres and approximately 190 net barrels of oil equivalent per day of production. Gulfport will retain approximately 6,740 net acres, interests in four gross wells, and up to a 7.5% overriding royalty interest in the leases sold, proportionately reduced to Gulfport's ownership interest in each lease after delivering an 80% net revenue interest to the purchaser. Gulfport plans to use proceeds from the sale for general corporate purposes.
Jim Palm, Gulfport's Chief Executive Officer, commented, "We are pleased to have realized this opportunity to monetize our shorter-term leases while still maintaining a presence in the Bakken.''
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