Gulfport, Encino consider combining in merger
Monday, July 4, 2022
Gulfport Energy Corp. may merge with Encino Energy LLC following the collapse of discussions with rival oil and gas explorer Ascent Resources, according to Bloomberg sources.
The companies have talked about a stock-based transaction, according to an unnamed source familiar with the matter. Discussions are at an early stage, a deal isn’t imminent and the merger may not be pursued further, sources added.
Gulfport had previously discussed merging with Ascent in a deal that would value the combined company at about $8 billion.
Learn more: Bloomberg > Gulfport Energy considers merger with Encino Energy
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Shale FAQ
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.
Is it safe?
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.
Will my water catch on fire?
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.