Gulfport Energy to Acquire Paloma Partners III

Source: www.gulfoilandgas.com 4/15/2015, Location: North America

Gulfport Energy Corporation has entered into an agreement to acquire Paloma Partners III, LLC ("Paloma"), announced first quarter 2015 production and provided an update on its firm transportation portfolio.

Paloma Acquisition
Gulfport has entered into an agreement to acquire Paloma for a total purchase price of approximately $300 million, subject to closing adjustments. Paloma holds approximately 24,000 net nonproducing acres in the core of the dry gas window of the Utica Shale, located in Belmont and Jefferson Counties, Ohio. Pro forma for the full 24,000 acres contemplated by this transaction, Gulfport's holdings of Utica Shale leasehold are expected to total approximately 212,000 gross (208,000 net) acres under lease in the core of the play. The transaction is expected to close during the third quarter of 2015, subject to the satisfaction of certain closing conditions.

Scotia Waterous and Credit Suisse Securities (USA) LLC acted as financial advisors to Gulfport in connection with this transaction. Paloma, a company funded by EnCap Investments L.P. and a subsidiary of Macquarie Group, was advised on the sale by Jefferies LLC.


Related Categories: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

Related Articles: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 


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