Acquisition |
9 Months Ended | |||
|---|---|---|---|---|
Sep. 30, 2011 | ||||
| Acquisition [Abstract] | ||||
| Acquisition |
Beginning in February 2011, the Company entered into agreements to acquire certain leasehold interests located in the Utica Shale in Ohio. Certain of the agreements also grant the Company an exclusive right of first refusal for a period of six months on certain additional tracts leased by the seller. Affiliates of Gulfport have agreed to participate with the Company on a 50/50 basis in the acquisition of all leases described above. Gulfport will be the operator on this acreage in the Utica Shale. As of September 30, 2011, the Company had acquired leasehold interests in approximately 75,000 gross (37,500 net) acres in the Utica Shale for approximately $85.4 million. Gulfport funded these transactions with a portion of the proceeds from public offerings of an aggregate of 6.2 million shares of the Company's common stock completed in March and July of 2011. The Company received aggregate net proceeds (before offering expenses) of approximately $179.1 million from the equity offerings, as discussed below in Note 7. The Company also has commitments which could increase its acreage position in the Utica Shale to approximately 125,000 gross (62,500 net) leasehold acres. The Company intends to continue to pursue opportunities in this area. |