Oklahoma City-based Gulfport Energy Corporation announced Wednesday that it will acquire nearly 12,600 net undeveloped acres in the Utica Shale play in northern Monroe County, Ohio for a purchase price of $87 million.
The new land acquisition is adjacent to Gulfport’s existing acreage position and development plan. The transaction is expected to close in December 2016.
The project will be funded with available cash-on-hand, according to a company press release.