Gulfport Energy Tags Producing Bakken Shale Assets for Sale

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.''
 

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Project Manager, USA
Expertise: Project Management
Location: United States
 
Financial Analyst - Finance and Investor Relations
Expertise: Accounting|Financial Analyst|Legal
Location: Dallas, TX
 
Regional Project Controls Supervisor Job
Expertise: Project Controls|Project Management
Location: Amarillo, TX
 
search for more jobs

Brent Crude Oil : $50.75/BBL 0.09%
Light Crude Oil : $47.73/BBL 0.50%
Natural Gas : $3.05/MMBtu 0.97%
Updated in last 24 hours