Gulfport Energy (NASDAQ:GPOR) has lifted the number of shares in its latest stock offering in an effort to raise more money to help pay for pending acquisitions.
The Oklahoma City-based oil and gas explorer has increased the offering to 4.8 million shares from its earlier 4 million shares. The shares will be sold for $32 each.
Of the 2.4 million units being offered by Gulfport, the company will raise roughly $73 million, which it intends to use to fund its pending Utica Shale acquisitions and for general corporate purposes, which may include expenditures associated with its 2011 drilling programs.
The other half of the shares in the offering will be sold by one of its stockholders. Gulfport will not see any of those proceeds.
The offering is expected to close on March 30, subject to customary closing conditions.