Exploration and production company Gulfport Energy (NASDAQ:GPOR) announced today that it has agreed to purchase around 22,000 net acres in the Utica Shale for $220 million. The eastern Ohio land, currently owned by Wexford Capital, will increase Gulfport's total leasehold interests in the Utica Shale to approximately 128,000 net acres. Gulfport previously acquired around 37,000 net acres of Utica Shale land from Wexford in December.
Wexford, through subsidiary Windsor Ohio, will maintain acreage around 14 existing wells and 16 proposed ones. Gulfport estimates that this newest acquisition will increase its working interest to 93.8% for 2013, with total net production just under 22,000 barrels of oil equivalent per day.
According to Gulfport, the transaction should be completed by the end of February.