Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

v3.7.0.1
Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2017
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the consideration paid in the Vitruvian Acquisition to acquire the properties and the fair value amount of the assets acquired as of February 17, 2017. Both the consideration paid and the fair value assigned to the assets is preliminary and subject to adjustment.
 
 
(In thousands)
Consideration:
 
 
     Cash, net of purchase price adjustments
 
$
1,354,093

     Fair value of Gulfport’s common stock issued
 
464,639

Total Consideration
 
$
1,818,732

 
 
 
Estimated Fair value of identifiable assets acquired and liabilities assumed:
 
 
     Oil and natural gas properties
 
 
       Proved properties
 
$
362,264

       Unproved properties
 
1,462,957

     Asset retirement obligations
 
(6,489
)
Total fair value of net identifiable assets acquired
 
$
1,818,732

Schedule of Pro Forma Information
For the period from the acquisition date of February 17, 2017 to March 31, 2017, the assets acquired in the Vitruvian Acquisition have contributed the following amounts of revenue to the Company’s consolidated statements of operations. The amount of net income contributed by the assets acquired is not presented below as it is impracticable to calculate due to the Company integrating the acquired assets into its overall operations using the full cost method of accounting.
 
 
(In thousands)
Revenue
 
$
26,226

Pro Forma Information (Unaudited)

The following unaudited pro forma combined financial information presents the Company’s results as though the Vitruvian Acquisition had been completed at January 1, 2016. The pro forma combined financial information has been included for comparative purposes and is not necessarily indicative of the results that might have actually occurred had the Vitruvian Acquisition taken place on January 1, 2016; furthermore, the financial information is not intended to be a projection of future results.
 
 
Three months ended March 31,
 
 
2017
 
2016
 
 
(In thousands, except share data)
Pro forma revenue
 
$
368,903

 
$
203,712

Pro forma net income (loss)
 
$
175,881

 
$
(274,207
)
Pro forma earnings (loss) per share (basic)
 
$
1.03

 
$
(2.03
)
Pro forma earnings (loss) per share (diluted)
 
$
1.03

 
$
(2.03
)