A little more than two years after emerging from bankruptcy, Gulfport Energy Corp. has an underwritten public offering for 1.3 million shares of common stock at $95 per share on behalf of selling shareholders.

The underwriters have a 30-day option to purchase up to an additional 195,000 shares to cover overallotments.

Gulfport will not be selling any shares of its common stock in the offering, nor will it receive any proceeds from the sale of shares offered by stockholders. Concurrent with the offering’s closing, Gulfport intends to purchase approximately $25 million of shares from selling stockholders. This repurchase is part of the E&P’s previously announced $400 million share repurchase program.

The Oklahoma City-based gas-weighted E&P filed for bankruptcy in November 2020 amid weak crude prices during the COVID-19 pandemic. The company emerged from bankruptcy in May 2021. Army veteran John Reinhart became Gulfport CEO in January 2023 after serving as CEO of the E&P Montage Resources and of Blue Ridge Mountain Resources, both in Irving, Texas.

Gulfport focuses on the exploration, acquisition and production of natural gas, crude oil and NGL in the U.S. with primary focus in the Appalachia and Anadarko basins. Principal properties are located in eastern Ohio targeting the Utica formation and in central Oklahoma targeting the SCOOP Woodford and SCOOP Springer formations.

BofA Securities, J.P. Morgan and Evercore ISI are joint book-running managers for the offering, which closes June 26.

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