Gulfport Energy Prices Secondary Stock Offering
Gulfport Energy has priced a public offering of 4,500,000 shares of its common stock at $17.50 per share to the public. A stockholder has granted the underwriters a 30-day option to purchase up to an additional 675,000 shares of Gulfport's common stock at the public offering price less the underwriting discount. Gulfport will not receive any proceeds from the sale of shares by the selling stockholder. Johnson Rice & Company L.L.C. and Jefferies & Company, Inc. acted as the underwriters for the offering.
Gulfport intends to use the net proceeds from the offering to fund a portion of the purchase price for its interest in the previously announced acquisition of oil and natural gas properties in the Permian Basin in West Texas.
The offering is expected to close on December 12, 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.
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