Details on Gulfport’s Purchase of 35K AEP Utica Acres + New Stock

As we report in our lead story today, Aubrey McClendon’s American Energy Partners has decided to spin out it’s Marcellus/Utica operation into a brand new, 100% independent company. That new company, formerly called American Energy Appalachia Holdings, is now called Ascent Resources. Ascent has turned around and immediately sold 35,325 net acres in prime Utica Shale country–Monroe, Belmont and Jefferson counties in Ohio–to one of AEP’s chief competitors in the Utica, Gulfport Energy. In addition, Gulfport has just announced they are floating another 10 million shares of stock. If the new shares sell for anything close to today’s current share price, that will net the company another $440+ million. Below we have the details (from Gulfport) on the deal with AEP to purchase prime Utica acreage complete with four drilled wells and a pipeline gathering system, along with Gulfport’s announcement about the new stock offering…

Please Login to view this content. (Not a member? Join Today!)
Password Reset
Please enter your e-mail address. You will receive a new password via e-mail.