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Gulfport Energy to sell noncore Okla. water assets, Utica Shale interests

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Gulfport Energy to sell noncore Okla. water assets, Utica Shale interests

Gulfport Energy Corp. agreed to sell its water infrastructure assets across its SCOOP position to Oklahoma-based water service provider Bison Oilfield Services LLC, according to a Dec. 19 release.

The company expects to receive $50 million upon closing, which is expected in January 2020, and as well as potential incentive payments in excess of $50 million over the next 15 years, subject to the company's ability to meet certain thresholds.

The assets under the deal include a multiline water gathering and delivery system, 2.3 million barrels of storage capacity, 40,000 bbl/d of recycling capacity and 55,000 bbl/d of freshwater supply capacity. Bison also agreed to exclusively manage all of Gulfport's water operations in a dedicated area across Grady, Garvin and Stephens counties in Oklahoma under 15-year agreements.

Scotiabank served as Gulfport's financial adviser on the transaction.

In addition, Gulfport agreed to sell certain nonoperated interests in the Utica Shale to an undisclosed buyer for approximately $29 million in cash. The deal is expected to close before year-end 2019.

Gulfport is an independent oil and natural gas producer headquartered in Oklahoma City.