Reuters: Gulfport Energy Corp explores selling
Wednesday, September 29, 2021
Gulfport Energy Corp has been exploring the possibility of selling, according to sources that spoke to Reuters.
The natural gas exploration and production company has been working with an investment bank on its options, following its emergence from bankruptcy earlier this year, and its ability to solicit potential acquisition interest.
Gulfport has a market value of $1.6 billion and owns 266,000 net acres across the Utica shale basin of Ohio and Oklahoma’s SCOOP formation. The company estimates that 90% of its 2021 production will be natural gas with an additional 7% natural gas liquids.
The recent spike in natural gas prices to a seven-year high earlier this month has tempted the gas producer to explore a sale. However, no deal is certain at this time.
Learn more: Reuters > EXCLUSIVE U.S. gas producer Gulfport Energy explores sale – sources
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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.