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Gulfport Energy Utica Shale purchase viewed favorably at Morgan Stanley

Jun. 11, 2015 2:58 PM ETGulfport Energy Corporation (GPOR) StockGPORBy: Carl Surran, SA News Editor
  • Gulfport Energy (GPOR +0.7%) recovers some of yesterday's 2% loss that followed its ~$406M purchase of Utica Shale acreage and assets and concurrent 10M-share public offering.
  • Morgan Stanley analyst Drew Venker says the deal strengthens GPOR's existing position in the area, and the $9,500/undeveloped net acre transaction price compares favorably to an average price of $14K/acre for recent acquisitions in the Dry Gas window.
  • The firm also says GPOR's intention to add one rig to operate on the acquired acreage beginning in Q1 2016 increases its 2016 production growth estimate to 50% Y/Y from 37% previously.

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