OKLAHOMA CITY, March 21, 2011 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) today announced that it has commenced an underwritten public offering of 4,000,000 shares of its common stock, subject to market and other conditions, of which 2,000,000 shares will be sold by Gulfport and 2,000,000 shares will be sold by one of its stockholders. The underwriters will have an option to purchase 300,000 shares from each of Gulfport and the selling stockholder solely to cover over-allotments. Gulfport intends to use its net proceeds from this offering to fund its pending Utica Shale acquisition and for general corporate purposes, which may include expenditures associated with Gulfport's 2011 drilling programs. Pending application of the net proceeds for such purposes, the Company will repay the outstanding indebtedness under its revolving credit facility. Gulfport will not receive any proceeds from the sale of shares of its common stock by the selling stockholder.
Gulfport Energy Corporation Launches Common Stock Offering
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