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News Breaks | | | | October 12, 2012 | | 08:03 EDT |  | GPOR | Gulfport Energy announces contribution of Permian Basin assets
Gulfport Energy announced it has completed the contribution of all of its oil and gas interests in the Permian Basin to Diamondback Energy. In May 2012, Gulfport Energy announced that it had entered into a contribution agreement with Diamondback, in which Gulfport agreed to contribute, prior to the closing of Diamondback's initial public offering, all of Gulfport's oil and natural gas interests in the Permian Basin in exchange for: common stock representing 35% of Diamondback's outstanding common stock immediately prior to the closing of its initial public offering; and approximately $63.6M in the form of a promissory note to be paid to Gulfport upon closing of such offering. The terms of the Diamondback offering were determined to be satisfactory to Gulfport by a special committee of its Board of Directors and the contribution transaction was completed on Oct. 11. Diamondback issued Gulfport 7,914,036 shares of Diamondback common stock and a promissory note for $63.6M, which will be paid to Gulfport at the closing of the offering. The closing is expected to occur on or about Oct. 17. This aggregate consideration is subject to a post-closing cash adjustment. If the contribution transaction had closed on Sept. 30, based on preliminary estimates Diamondback believes it would have owed Gulfport approximately $16.0 million for this post-closing adjustment. However, the actual amount due based on the Oct. 11 closing date has not been determined, and the actual amount may vary materially from the estimated amount on Sept. 30. | |
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News For GPOR From The Last 14 Days Check below for free stories on GPOR the last two weeks. |
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| May 20, 2013 | | 09:13 EDT |  | GPOR | Gulfport Energy price target raised to $61 from $50 at Stephens
 Subscribe for More Information | | | May 15, 2013 | | 17:18 EDT | | GPOR | BP Capital gives quarterly update on stakes
Subscribe for More Information | | | May 9, 2013 | | 05:40 EDT | | GPOR | Gulfport Energy price target raised to $70 from $54 at Wunderlich
Wunderlich raised its price target for Gulfport Energy citing the company's Utica assets following its Q1 results and keeps a Buy rating on the stock. | | | May 7, 2013 | | 16:31 EDT | | GPOR | Gulfport Energy sees FY13 production 7.8M-8.1M BOE
Subscribe for More Information | | | 16:30 EDT |  | GPOR | Gulfport Energy reports Q1 adjusted EPS 10c, consensus 15c
Reports Q1 revenue $55M, consensus $57.99M. Produced oil and natural gas sales volumes of 575,543 barrels of oil equivalent, or 6,395 barrels of oil equivalent per day. | |
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