$2 Billion Gulfport Buy Shows Drillers Thirsting for Next Play

16 Dec 2016   Shale Gas, USA

America’s shale gas drillers are back to looking for the next big play. On Wednesday, Gulfport Energy Corp. struck a deal to buy acreage in an oil and natural gas field in Oklahoma known as Scoop for $1.85 billion, marking its first foray in a region that Newfield Exploration Co. has devoted most of its capital budget to and Devon Energy Corp. invested almost $2 billion in late last year. Gulfport Chief Executive Officer Michael Moore described the acreage as a “sizeable and scalable footprint in a new operating area.” The deal underscores renewed interest among drillers in exploring emerging plays outside the heart of the U.S. shale gas boom — the Marcellus formation of the Appalachian Basin. The number of rigs drilling outside major basins has rebounded to the highest levels since February […]

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