Gulfport Picks Up 12,600 Utica Acres in Monroe County, OH for $87M

Gulfport Energy reports they have just snagged another 12,600 net undeveloped Utica acres located dry gas window of northern Monroe County, Ohio for $87 million. When you run the math, that works out to be $6,905 per acre–far less than the recent $10,000/acre prices we’ve seen. Half of the acreage is “held by production,” meaning wells have either been drilled or are already producing. Analysts figure the land, which is located next to land already leased by Gulfport, will yield something like 105 new wells for the company. Gulfport is head over heels in love with the Utica and plans, as we noted in November, to run an average of six drilling rigs in the Utica in 2017 (see Gulfport 3Q16 Fin. Update: $157M Loss, 6 Utica Rigs Coming in 2017). Oh, who’s the seller? Gulfport doesn’t say, but we do have a thought…

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