Gulfport Energy has acquired approximately 4,700 net undeveloped acres in the core of the Ohio Utica in Belmont County through a state land lease sale for a total purchase price of about $83 million. The large, contiguous acreage is adjacent to existing operations and recently acquired discretionary acreage, located in the liquids-rich Utica wet gas window. The acquisition adds roughly 16 net locations normalized to 15,000-foot laterals, with development expected to commence in 2027 and forecasted returns at the top end of the company's portfolio. The purchase price equates to approximately $17,500 per net acre or $5.1 million per net location. Gulfport funded the acquisition through cash on hand and available capacity under its revolving credit facility.
Gulfport Energy Operating CorpAcquisition of 4,700 net undeveloped acres for $83M, funded via cash and credit, adding high-return locations.