Gulfport Energy Corporation Announces Pricing of Underwritten Public Offering of Common Stock
April 27 2006 - 8:19PM
PR Newswire (US)
OKLAHOMA CITY, April 27 /PRNewswire-FirstCall/ -- Gulfport Energy
Corporation (NASDAQ:GPOR) today announced the pricing of an
underwritten public offering of 6,050,000 shares of common stock by
certain of its stockholders at a price of $14.00 per share. The
Company will not receive any of the net proceeds from the sale of
shares by the selling stockholders. The Company has granted the
underwriters a 30-day option to purchase up to an additional
907,500 shares of common stock to cover over-allotments, if any.
The Company intends to use the net proceeds from the exercise of
such option to repay outstanding borrowings under the Company's
credit facility with Bank of America. Johnson Rice & Company
L.L.C. is lead book-running manager for the offering. Dahlman Rose
& Company, First Albany Capital, Pritchard Capital Partners,
LLC and Simmons & Company International are serving as
co-managers. Copies of the prospectus relating to the offering may
be obtained from the offices of Johnson Rice & Company L.L.C.,
639 Loyola Avenue, Suite 2775, New Orleans, Louisiana 70113.
Gulfport Energy Corporation, headquartered in Oklahoma City,
Oklahoma, is an independent oil and natural gas exploration and
production company with properties located along the Louisiana Gulf
Coast. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy, nor shall there be any sale of
these securities in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any state or jurisdiction. Cautionary Note
Regarding Forward-Looking Statements The above statements include
forward-looking statements and are subject to risks and
uncertainties. Forward-looking statements give the Company's
current expectations and projections relating to its financial
condition, results of operations, plans, objectives, future
performance and business. The statements can be identified by the
fact that they do not relate strictly to historical or current
facts. These statements may include words such as "anticipate,"
"estimate," "expect," "project," "intend," "plan," "believe" and
other words and terms of similar meaning in connection with any
discussion of the timing or nature of future operating or financial
performance or other events. All statements other than statements
of historical facts included in this release that address
activities, events or developments that we expect, believe or
anticipate will or may occur in the future are forward-looking
statements. These forward-looking statements are largely based on
our expectations and beliefs concerning future events, which
reflect estimates and assumptions made by the Company's management.
These estimates and assumptions reflect the Company's best judgment
based on currently known market conditions and other factors
relating to the Company's operations and business environment, all
of which are difficult to predict and many of which are beyond its
control. Although the Company believes its estimates and
assumptions to be reasonable, they are inherently uncertain and
involve a number of risks and uncertainties that are beyond the
Company's control. In addition, management's assumptions about
future events may prove to be inaccurate. Management cautions all
readers that the forward-looking statements contained in this
release are not guarantees of future performance, and the Company
cannot assure any reader that those statements will be realized or
the forward- looking events and circumstances will occur. Actual
results may differ materially from those anticipated or implied in
the forward-looking statements due to the factors listed in the
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections contained
in its filings with the Securities and Exchange Commission. All
forward-looking statements speak only as of the date of this
release. The Company does not intend to publicly update or revise
any forward-looking statements as a result of new information,
future events or otherwise, except as required by law. These
cautionary statements qualify all forward-looking statements
attributable to the Company or persons acting on its behalf.
DATASOURCE: Gulfport Energy Corporation CONTACT: James D. Palm or
Michael G. Moore, both of Gulfport Energy Corporation,
+1-405-242-4404 Web site: http://www.gulfportenergy.com/
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