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Ohio Utica Shale

Blackhawk Midstream selling assets to Summit Midstream

By Bob Downing Published: December 20, 2013

From Gulfport Energy today:

 

OKLAHOMA CITY, Dec. 20, 2013 (GLOBE NEWSWIRE) -- Gulfport Energy Corporation (Nasdaq:GPOR) ("Gulfport") today announced that Blackhawk Midstream LLC ("Blackhawk"), an entity in which Gulfport owns a 50% interest, has entered into definitive agreements with Summit Midstream Partners, LLC ("Summit Investments") for the sale to Summit Investments of Blackhawk's equity interest in two entities, Ohio Gathering Company, LLC and Ohio Condensate Company, LLC (together, "Ohio Gathering").

Blackhawk has agreed to sell its equity interest in Ohio Gathering for a purchase price of $190 million. Ohio Gathering is currently owned by MarkWest Utica EMG, LLC and Blackhawk. Ohio Gathering owns, operates and is developing significant midstream infrastructure in southeastern Ohio consisting of a liquids-rich natural gas gathering system, a dry natural gas gathering system and a condensate stabilization, storage and terminaling facility in the core of the Utica Shale play. The transaction is expected to close by January 31, 2014, subject to customary closing conditions.

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, an equity interest in Diamondback Energy Inc., a NASDAQ Global Select Market listed company, and has an interest in an entity that operates in Southeast Asia, including the Phu Horm gas field in Thailand.

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