Gulfport Energy Corp. dumps non-core assets
Tuesday, December 24, 2019
Gulfport Energy entered into agreements to divest non-core assets for up-front proceeds as well as future contingent payments, according to Yahoo Finance.
The company will divest its water infrastructure assets across its SCOOP position to Bison for $50 million in cash and an opportunity to earn potential additional in excess of $50M over the next 15 years.
Gulfport has also recently entered into an agreement to divest certain non-operated interests in the Utica Shale for $29 million. The deal is expected to close by year-end 2019.
Learn more: Yahoo Finance > Gulfport Energy Corporation announces divestiture of non-core assets for a total value in excess of $100 million and provides an update on accretive debt repurchases
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What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
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What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
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Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.