OKLAHOMA CITY, Nov. 7, 2013 (GLOBE NEWSWIRE) -- On November 6, 2013 Gulfport Energy Corporation (Nasdaq:GPOR) (" Gulfport ") announced the pricing of an underwritten public offering (the " Gulfport Offering ") of 6,500,000 shares of its common stock at a price to the public of $56.75 per share. The underwriters have an option to purchase up to an additional 975,000 shares from Gulfport at the public offering price per share (less the underwriting discount). Net proceeds to Gulfport from the sale of the 6,500,000 shares of its common stock, after the underwriting discount and estimated offering expenses, will be approximately $354.3 million (or $407.5 million, if the underwriters exercise their option in full). On November 6, 2013, Gulfport also entered into an underwriting agreement for the sale, in an underwritten public offering (the " Diamondback Offering "), of 2,000,000 shares of common stock of Diamondback Energy, Inc. (NASDAQ: FANG) held by it. The underwriters also have an option to purchase up to an additional 300,000 shares of Diamondback common stock from Gulfport. Net proceeds to Gulfport from the sale of the 2,000,000 shares of its Diamondback common stock will be approximately $102.6 million (or $118.0 million, if the underwriters exercise their option in full). Gulfport intends to use the net proceeds from these offerings for general corporate purposes, which may include expenditures associated with the 2014 drilling program and additional acreage acquisitions in the Utica Shale. Each offering is expected to close on November 13, 2013, subject to customary closing conditions.
Gulfport Energy Corporation Announces Pricing Of Its Common Stock Offering And Its Offering Of Shares Of Diamondback Energy Common Stock
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