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Subsequent Events
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12 Months Ended | ||
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Dec. 31, 2011
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| Subsequent Events [Abstract] | |||
| Subsequent Events |
In January 2012, Grizzly entered into an agreement to purchase approximately 46,700 acres of oil sands leases in the Athabasca oil sands area for $225.0 million CAD. Gulfport's share of the purchase price is approximately $56.3 million and will be due at closing of the transaction. Grizzly intends to develop the area using SAGD recovery technology. On February 13, 2012, Gulfport entered into fixed price swaps for 1,000 barrels of oil per day at a weighted average price of $ 113.20 per barrel for the period of March 2012 through June 2013. The Company will receive the fixed price amount stated in the contract and pay to its counterparty the current market price for oil as listed on the IPE for Brent Crude. |
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- Details
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- Definition
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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