Gulfport Energy Corp (GPOR.O) said it would buy acreage in Oklahoma’s SCOOP region from a privately held company for $1.85 billion.
The purchase price consists of $1.35 billion in cash and about 18.8 million of Gulfport’s shares.
Oil companies have resumed buying oil and gas acreage in low-cost shale fields in the United States, restocking their inventories on a bet that a two-year slump in the price of oil has abated.
Gulfport said it would buy 46,400 acres from Vitruvian II Woodford LLC, a portfolio company of Quantum Energy Partners, a Texas-based private equity, and venture capital firm.
Part of the Woodford Shale formation, SCOOP is a southern extension of the Cana play, a belt several miles wide containing wet gas.
The assets being acquired had net production of 183 million cubic feet equivalent per day in October.
