Gulfport Energy Corp. (NASDAQ: GPOR) is in the process of raising capital for its shale operations. The company plans to go about this is through a secondary offering.

The company announced the pricing of its secondary offering of 10 million shares of common stock at a price of $43.25 per share. Also the underwriters have a 30-day option to purchase up to an additional 1.5 million shares.

The offering is expected to close on June 12.

Credit Suisse is acting as the sole book-running manager for this offering.

Gulfport is an independent oil and natural gas exploration and production company with its principal producing properties located in the Utica Shale of Eastern Ohio and along the Louisiana Gulf Coast. Additionally, Gulfport holds a sizable acreage position in the Alberta Oil Sands in Canada through its 24.9% interest in Grizzly Oil Sands.

Net proceeds are expected to be roughly $417.2 million, after deducting underwriting discounts, commissions and estimated offering expenses. Gulfport intends to use the net proceeds from this offering for a couple of objectives:

• To fund a portion of the purchase price for its previously announced acquisition of certain acreage and other assets in the Utica Shale
• For general corporate purposes, including the funding of a portion of its 2015 capital development plans

Shares of Gulfport were down 2.2% at $44.34 Wednesday morning. The stock has a consensus analyst price target of $57.96 and a 52-week trading range of $35.00 to $65.87.

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