It will acquire approximately 46,400 net surface acres in the core of the SCOOP, including nearly 183 million cubic feet per day (MMcfe/d) of net production for October 2016.

The acquisition includes multiple producing zones, including the Woodford and Springer formations, in Grady, Stephens and Garvin Counties, Oklahoma.

Gulfport chief executive officer and president said: “Combining Vitruvian’s high-quality SCOOP position with our prolific Utica assets will transform our company and solidify Gulfport with core positions in two of North America’s high-return natural gas basins.

“In Vitruvian, we believe we have found a prolific stacked pay resource with strong production history, a multi-year, high-return drilling inventory – an opportunity with significant upside from both a resource and operational perspective.”

Gulfport said that the acquired assets are located mainly in the over-pressured liquids-rich to dry gas windows of the play.

The purchase also includes 48 producing horizontal wells and an additional interest in over 150 non-operated horizontal wells.

Currently, four rigs are being operated on the acreage and Gulfport plans to introduce an additional two rigs at the beginning of 2018.

The acquisition is expected to be completed in February 2017, subject to the satisfaction of certain closing conditions.

Gulfport will pay the transaction amount with $1.35bn in cash and approximately 18.8 million in shares.

It plans to fund the cash portion of the transaction through debt and equity financings prior to closing. 

BofA Merrill Lynch acted as exclusive financial advisor to Gulfport in the transaction.