OKLAHOMA CITY, March 25, 2011 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) today announced that it has upsized and priced its previously-announced underwritten public offering of shares of its common stock. The size of the offering has been increased from the previously announced 4,000,000 shares of common stock to 4,800,000 shares at a public offering price of $32.00 per share, of which 2,400,000 shares will be sold by Gulfport and 2,400,000 shares will be sold by one of its stockholders. Each of Gulfport and the selling stockholder granted the underwriters a 30-day option to purchase up to 360,000 shares of common stock at the public offering price (less the underwriting discount) solely to cover over-allotments. Net proceeds to Gulfport from the sale of the 2,400,000 shares, after underwriting discounts and estimated expenses, will be approximately $73.0 million. Gulfport intends to use these net proceeds 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, Gulfport 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. The offering is expected to close on March 30, 2011, subject to customary closing conditions.
Credit Suisse Securities (USA) LLC and Johnson Rice & Company L.L.C. acted as joint book-running managers and representatives of the several underwriters for the offering. A prospectus supplement related to the offering will be filed with the Securities and Exchange Commission and be available on the SEC's website, www.sec.gov . Copies of the prospectus supplement for the offering may be obtained on the website of the Securities and Exchange Commission, www.sec.gov , or by contacting Credit Suisse Securities (USA) LLC, Prospectus Department, at One Madison Avenue, New York, New York 10010, or by telephone at (800) 221-1037, or Johnson Rice & Company L.L.C. at 639 Loyola Avenue, Suite 2775, New Orleans, Louisiana 70113, or by telephone at (800) 443-5924.
The common stock will be issued pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. This offering may only be made by means of a prospectus supplement and related base prospectus.