Gulfport Energy Corp. has entered an $87 million agreement to acquire 12,600 net acres in Monroe County, OH, from an undisclosed seller. The undeveloped properties, 50% held by production, are near the company's core position in the Utica Shale. Gulfport said it would fund the transaction with cash on hand. The bolt-on increases its Utica position to more than 223,000 net acres, with nearly 70% in the dry gas window. The sale is expected to close by the end of December.
North Dakota's legislature on Monday unanimously approved the final pieces of proposed rule changes regulating the oil and gas industry that are to be effective Jan. 1. Last month, the state's Industrial Commission (IC) approved held-over rules from the legislature's Rules Committee, clarifying and/or updating bonding, natural gas gathering pipeline, oil and produced water lines and oil/gas facility berm requirements. State lawmakers earlier in the year held over six sections of the rules to clarify their intent and the jurisdiction of the state oil/natural gas division in the Department of Mineral Resources (DMR). The delay provided more certainty for the industry, according to DMR Director Lynn Helms.