Gulfport Energy Corporation Announces Exercise of Over-Allotment Option in Connection With Underwritten Public Offering of Comm
May 10 2006 - 7:22PM
PR Newswire (US)
OKLAHOMA CITY, May 10 /PRNewswire-FirstCall/ -- Gulfport Energy
Corporation (NASDAQ:GPOR) previously announced the pricing of an
underwritten public offering of 6,050,000 shares of its common
stock by certain of its stockholders at a price of $14.00 per
share. The Company today announced that it completed the sale of
790,000 shares of its common stock pursuant to the exercise of the
underwriters' over-allotment option. The net proceeds from the
exercise of such option were approximately $10.4 million after
deducting the underwriting discount and before offering expenses.
The Company intends to use the net proceeds to repay outstanding
borrowings under its 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. DATASOURCE: Gulfport Energy Corporation
CONTACT: James D. Palm, +1-405-242-4404, or Michael G. Moore,
+1-405-242-4408, both of Gulfport Energy Corporation Web site:
http://www.gulfportenergy.com/
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