Gulfport Energy (NASDAQ:GPOR) is putting some fuel in its capital tank. The company announced it is floating 6.5 million shares of its common stock in an underwritten public offering. Additionally, the company said that the issue's underwriters will be granted a purchase option for up to an additional 975,000 shares.
Gulfport Energy said it plans to use the proceeds of the offering for "general corporate purposes." These may include expenditures connected with its 2014 drilling program, and acquisitions in the Utica Shale.
The joint book-runners of the issue are Credit Suisse, Barclays, Goldman Sachs, and Wells Fargo Securities.
Currently, Gulfport Energy has nearly 77.6 million shares outstanding, and its stock trades at $57.88 per share.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Goldman Sachs and Wells Fargo. The Motley Fool owns shares of Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.