Gulfport shares valued at $86 million to be offered for sale

  • December 12, 2023

 

Gulfport Energy Corporation of Oklahoma City announced the proposed block trade of more than 653,000 shares managed and advised by Silver Point Capital, L.P. and MacKay Shields LLC.

The 653,464 shares of common stock will be offered in transactions on the New York Stock Exchange and in the over-the-counter market. Gulfport shares finished Monday’s trading at $132.08 per share, a $2.77 or 2.05% decline for the day. Based on the closing price, the shares offered for sale would have brought in $86,309,525. By Tuesday afternoon, shares reached more than $134 but dropped $3.50 or 2.65% to $128.58.

Gulfport will not sell any shares of its common stock in the Offering and will not receive any proceeds from the sale of the shares being offered by the Selling Stockholders. The Offering is subject to market and other conditions, and there can be no assurance as to whether or when the Offering may be completed.

J.P. Morgan is acting as the sole book-running manager for the Offering. 

Gulfport is known for its primary oil and natural gas exploration and production in the Appalachia and Anadarko basins. Its principal properties are located in eastern Ohio and in the Utica and Marcellus formations. But it also carries out exploration in Oklahoma’s SCOOP Woodford and SCOOP Springer formations.

 

Jerry Bohnen