Quarterly report pursuant to Section 13 or 15(d)


6 Months Ended
Jun. 30, 2012
Business Acquisition, Entity Acquired and Reason for Acquisition [Abstract]  

Beginning in February 2011, the Company entered into agreements to acquire certain leasehold interests located in the Utica Shale in Ohio. Certain of the agreements also granted the Company an exclusive right of first refusal for a period of six months on certain additional tracts leased by the seller. Gulfport is the operator on this acreage in the Utica Shale. As of June 30, 2012, the Company had acquired leasehold interests in approximately 116,000 gross (58,000 net) acres in the Utica Shale for approximately $169.8 million. Gulfport funded these transactions with a portion of the proceeds from public offerings of an aggregate of 6.2 million shares of the Company’s common stock completed in March and July of 2011. The Company also has commitments with various future closing dates that could increase its acreage position in the Utica Shale to an aggregate of approximately 125,000 gross (62,500 net) leasehold acres. Entities controlled by Wexford Capital LP (“Wexford”) have participated with the Company on a 50/50 basis in the acquisition of all leases described above.