Gulfport Energy buys 4,700 Ohio Utica acres for $83M

Gulfport Energy Corporation (NYSE: GPOR) has acquired approximately 4,700 net undeveloped acres in Belmont County, Ohio, through the Ohio Oil and Gas Land Management Commission State Land Lease Sale for a total purchase price of approximately $83.0 million.

The acquisition equates to roughly $17,500 per net acre, or approximately $5.1 million per net location, normalized to 15,000-foot laterals. The company said the purchase was funded through cash on hand and available capacity under its revolving credit facility.

The acreage is contiguous and adjacent to Gulfport's existing operations in the Ohio Utica. The company said the position adds approximately 16 net locations and sits within what it describes as the liquids-rich Utica wet gas window. Development is expected to begin in 2027.

Nick Dell'Osso, Gulfport's President and Chief Executive Officer, said the acquisition adds "a large, contiguous block of acreage adjacent to our existing best-in-class Utica gas inventory." He added that the position "offers the highest-return opportunities in our portfolio, extending our liquids runway while enhancing the depth and flexibility of our development program across commodity cycles."

Gulfport is an independent natural gas-weighted exploration and production company with principal properties in eastern Ohio and central Oklahoma, according to the company's press release.

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