Gulfport Energy (GPOR) Announces Monetization of '09 Fixed Price Contracts for $39M
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Gulfport Energy Corporation (Nasdaq: GPOR) today announced the monetization of its 2009 fixed price contracts for $39.0 million in cash. Gulfport's fixed price contracts for 2009 provided for the sale of 3,000 barrels of oil per day at a weighted average price of $89.06 per barrel (before transportation costs) for the period January through December 2009. Gulfport retained its remaining fixed price contracts for 2008, which provide for the sale of 3,500 BOPD at a weighted average price of $86.60 per barrel (before transportation costs) through December 31, 2008. Gulfport plans to use proceeds from the sale for general corporate purposes, which may include reducing outstanding borrowings under its revolving credit facility.
Gulfport Energy Corporation engages in the exploration, development, and production of oil and gas in the Louisiana Gulf Coast in the West Cote Blanche Bay and Hackberry fields.
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