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Subsequent Events
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12 Months Ended |
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Dec. 31, 2013
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| Subsequent Events [Abstract] | |
| Subsequent Events |
SUBSEQUENT EVENTS
In January 2014, the Company entered into fixed price swaps for 25,000 MMBtu of natural gas per day at a weighted average price of $4.20 per MMBtu for the period from May 2014 through December 2015. For the period from June 2014 through December 2015, the Company entered into fixed price swaps for 25,000 MMBtu of natural gas per day at a weighted average price of $4.21 per MMBtu. The Company's fixed price swap contracts are tied to the commodity prices on NYMEX. The Company will receive the fixed price amount stated in the contract and pay to its counterparty the current market price as listed on NYMEX for natural gas.
On February 26, 2014, the Company entered into a binding letter of intent with Rhino Resources Partners LP ("Rhino") to acquire approximately 8,200 additional net acres in the Utica Shale of Eastern Ohio and approximately 1,000 BOEPD of production during January 2014 for a total purchase price of $185.0 million, subject to closing adjustments. These assets constitute all the rights, title and interest in leasehold and mineral interests covered by all oil and gas leases owned by Rhino in the Utica Shale in Eastern Ohio, together with all wells, production, data, equipment, contracts permits and privileges relating to the ownership of such properties. Gulfport is the operator of substantially all of this acreage. The Company plans to fund this acreage acquisition from existing cash on hand. The acquisition is expected to close by the end of March 2014, however the transaction remains subject to completion of due diligence and other closing conditions, and there can be no assurance that the transaction will be completed.
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- Details
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- Definition
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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