Subsequent Events |
3 Months Ended |
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Mar. 31, 2017 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
SUBSEQUENT EVENTS
Derivatives
In April 2017, the Company entered into fixed price swaps for 2018 for approximately 65,000 MMBtu of natural gas per day at a weighted average price of $3.03 per MMBtu. For 2019, the Company entered into fixed price swaps for approximately 10,000 MMBtu of natural gas per day at a weighted average price of $3.01 per MMBtu. The Company’s fixed price swap contracts are tied to the commodity prices on NYMEX. The Company will receive the fixed price amount stated in the contract and pay to its counterparty the current market price as listed on NYMEX for natural gas.
Mammoth Energy Pending Acquisitions
In March 2017, Mammoth Energy entered into definitive agreements to acquire Sturgeon (which owns Taylor Frac, LLC, Taylor Real Estate Investments, LLC and South River Road, LLC), Stingray Energy and Stingray Cementing from the owners of such companies, including Gulfport, for an aggregate of 7.0 million shares of Mammoth Energy common stock. Mammoth Energy anticipates the transactions will close in the second quarter of 2017, subject to agreed closing conditions. Upon closing, the Company will receive approximately 2.0 million shares of Mammoth Energy common stock and hold approximately 25.1% of Mammoth Energy’s outstanding common stock.
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- References No definition available.
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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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