Gulfport Boots Noncore Scoop,Utica Assets

摘要

GULFPORT ENERGY CORP.cleaned up its balance sheet on Dec.19 through bond repurchases and the divestiture of a slew of noncore assets with proceeds totaling over $100 million.The Oklahoma City-based company,which has faced activist investor pressure this year to improve its stock performance,agreed to divest various noncore assets including its water infrastructure assets in the Scoop play.In total,Gulfport said it expects to receive about $86 million in up-front proceeds from the divestitures plus future contingent payments in excess of $50 million.The buyer is Oklahoma City-based Bison,which will pay $50 million in cash upon closing for the assets,and it also agreed to additional incentive payments in excess of $50 million during the next 15 years,subject to Gulfport's ability to meet certain thresholds.