UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): April 16, 2015
GULFPORT ENERGY CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware | 000-19514 | 73-1521290 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
14313 North May Avenue Suite 100 Oklahoma City, OK |
73134 | |
(Address of principal executive offices) | (Zip code) |
(405) 848-8807
(Registrants telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
Item 8.01. | Other Events. |
Pricing of Notes Offering
On April 16, 2015, Gulfport issued a press release announcing the pricing at par of an offering of $350 million aggregate principal amount of its 6.625% Senior Notes due 2023 (the Notes) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. This represents a $50 million increase in the size of the offering from $300 million principal amount announced at the launch on April 15, 2015. Net proceeds to Gulfport from the sale of the Notes will be approximately $343.6 million. The Notes offering is expected to close on April 21, 2015, subject to customary closing conditions. A copy of this press release is attached hereto as Exhibit 99.1.
The Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This report is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
Pricing of Equity Offering
On April 16, 2015, Gulfport issued a press release announcing the pricing of an underwritten public offering (the Equity Offering) of 9,500,000 shares of its common stock at a price to the public of $47.75 per share. The 9,500,000 shares offering represents a 2,000,000 share upsize to the originally proposed 7,500,000 share offering. The underwriters have a 30-day option to purchase up to an additional 1,425,000 shares from Gulfport (collectively, the Shares) at the public offering price (less the underwriting discount). The offering is expected to close on April 21, 2015, subject to customary closing conditions. Net proceeds to Gulfport from the sale of the 9,500,000 shares will be approximately $436.4 million after deducting underwriting discounts, commissions and estimated offering expenses. The Shares will be issued under an effective automatic shelf registration statement on Form S-3 previously filed by Gulfport with the Securities and Exchange Commission. A copy of this press release is attached hereto as Exhibit 99.2.
This report shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The Equity Offering may only be made by means of a prospectus supplement and related base prospectus.
Item 9.01. Financial Statements and Exhibits
(d) | Exhibits |
Number |
Exhibit | |
99.1 | Press release dated April 16, 2015 entitled Gulfport Energy Corporation Prices $350 Million Upsized Offering of 6.625% Senior Notes. | |
99.2 | Press release dated April 16, 2015 entitled Gulfport Energy Corporation Announces Pricing of Upsized Common Stock Offering. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
GULFPORT ENERGY CORPORATION | ||||||
Date: April 16, 2015 | By: | /s/ Aaron Gaydosik | ||||
Aaron Gaydosik | ||||||
Chief Financial Officer |
Exhibit Index
Number |
Exhibit | |
99.1 | Press release dated April 16, 2015 entitled Gulfport Energy Corporation Prices $350 Million Upsized Offering of 6.625% Senior Notes. | |
99.2 | Press release dated April 16, 2015 entitled Gulfport Energy Corporation Announces Pricing of Upsized Common Stock Offering. |
Exhibit 99.1
Press Release
Gulfport Energy Corporation Prices $350 Million Upsized Offering of 6.625% Senior Notes
OKLAHOMA CITY (April 16, 2015) Gulfport Energy Corporation (NASDAQ: GPOR) (Gulfport) today announced that it has priced at par an offering of $350 million aggregate principal amount of its 6.625% Senior Notes due 2023 (the Notes). This represents a $50 million increase in the size of the offering from $300 million principal amount announced at the launch on April 15, 2015. The Notes are being sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The Notes will be issued under a new indenture and will rank equally with Gulfports previously issued senior notes and other senior indebtedness. The Notes offering is expected to close on April 21, 2015, subject to customary closing conditions. Net proceeds to Gulfport from the sale of the Notes will be approximately $343.6 million. Gulfport expects to use the net proceeds of the Notes offering, together with the net proceeds from its concurrent equity offering, (i) to fund its previously announced pending acquisition of Paloma Partners III, LLC, (ii) to repay the current outstanding borrowings under its secured revolving credit facility and (iii) for general corporate purposes, including the funding of a portion of its 2015 capital development plans.
The Notes will be general unsecured senior obligations of Gulfport, will be guaranteed on a senior unsecured basis by certain of Gulfports subsidiaries and will pay interest semi-annually.
The Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
About Gulfport
Gulfport Energy Corporation is an Oklahoma City-based independent oil and natural gas exploration and production company with its principal producing properties located in the Utica Shale of Eastern Ohio and along the Louisiana Gulf Coast. In addition, Gulfport holds a sizeable acreage position in the Alberta Oil Sands in Canada through its 24.9% interest in Grizzly Oil Sands ULC.
Forward Looking Statements
Certain statements included in this press release are intended as forward-looking statements. These statements include assumptions, expectations, predictions, intentions or beliefs about future events, particularly the consummation of the transaction described above. Gulfport cautions that actual future results may vary materially from those expressed or implied in any forward-looking statements. Specifically, Gulfport cannot assure you that the proposed
transaction described above will be consummated on the terms Gulfport currently contemplates, if at all. Information concerning these and other factors can be found in Gulfports filings with the SEC, including its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the SECs web site at http://www.sec.gov.
Any forward-looking statements made in this press release speak only as of the date of this release and, except as required by law, Gulfport undertakes no obligation to update any forward-looking statement contained in this press release, even if Gulfports expectations or any related events, conditions or circumstances change. Gulfport is not responsible for any changes made to this release by wire or Internet services.
Investor & Media Contact:
Paul K. Heerwagen IV
pheerwagen@gulfportenergy.com
405-242-4888
Jessica R. Wills
jwills@gulfportenergy.com
405-242-4888
Exhibit 99.2
Press Release |
Gulfport Energy Corporation Announces Pricing of Upsized Common Stock Offering
OKLAHOMA CITY (April 16, 2015) Gulfport Energy Corporation (NASDAQ: GPOR) (Gulfport) announced today the pricing of an underwritten public offering of 9,500,000 shares of its common stock at a price to the public of $47.75 per share. The 9,500,000 shares offering represents a 2,000,000 share upsize to the originally proposed 7,500,000 share offering. The underwriters have a 30-day option to purchase up to an additional 1,425,000 shares from Gulfport at the public offering price per share (less the underwriting discount). The offering is expected to close on April 21, 2015, subject to customary closing conditions. Net proceeds to Gulfport from the sale of the 9,500,000 shares will be approximately $436.4 million after deducting underwriting discounts, commissions and estimated offering expenses. Gulfport intends to use the net proceeds from this offering, together with the net proceeds from its concurrent debt offering, (i) to fund its previously announced pending acquisition of Paloma Partners III, LLC, (ii) to repay the current outstanding borrowings under its secured revolving credit facility and (iii) for general corporate purposes, including the funding of a portion of its 2015 capital development plans.
Credit Suisse Securities (USA) LLC and Scotia Capital (USA) Inc. are acting as joint book-running managers in the offering. Copies of the preliminary prospectus supplement for the offering may be obtained on the website of the Securities and Exchange Commission, www.sec.gov, or by contacting Credit Suisse Securities (USA) LLC, Prospectus Department, at One Madison Avenue, New York, New York 10010, or by telephone at (800) 221-1037, or by contacting Scotia Capital (USA) Inc., Prospectus Department, or (ii) Scotia Capital (USA) Inc., 250 Vesey Street, New York, New York 10281, Attention: Equity Capital Markets, or by telephone (212) 225-6854.
The common stock will be issued and sold pursuant to an effective automatic shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. This offering may only be made by means of a prospectus supplement and related base prospectus.
About Gulfport
Gulfport Energy Corporation is an Oklahoma City-based independent oil and natural gas exploration and production company with its principal producing properties located in the Utica Shale of Eastern Ohio and along the Louisiana Gulf Coast. In addition, Gulfport holds a sizeable acreage position in the Alberta Oil Sands in Canada through its 24.9% interest in Grizzly Oil Sands ULC.
Forward Looking Statements
Certain statements included in this press release are intended as forward-looking statements. These statements include assumptions, expectations, predictions, intentions or beliefs about future events, particularly the consummation of the transactions described above. Gulfport cautions that actual future results may vary materially from those expressed or implied in any forward-looking statements. Specifically, Gulfport cannot assure you that the proposed transactions described above will be consummated on the terms Gulfport currently contemplates, if at all. Information concerning these and other factors can be found in Gulfports filings with the SEC, including its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the SECs web site at http://www.sec.gov.
Any forward-looking statements made in this press release speak only as of the date of this release and, except as required by law, Gulfport undertakes no obligation to update any forward-looking statement contained in this press release, even if Gulfports expectations or any related events, conditions or circumstances change. Gulfport is not responsible for any changes made to this release by wire or Internet services.
Investor & Media Contacts:
Paul K. Heerwagen IV
pheerwagen@gulfportenergy.com
405-242-4888
Jessica R. Wills
jwills@gulfportenergy.com
405-242-4421
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