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ACQUISITIONS (Tables) | 9 Months Ended
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Sep. 30, 2018
Business Combinations [Abstract] |
Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the consideration paid by the Company in the Vitruvian Acquisition to acquire the properties and the fair value amount of the assets acquired as of February 17, 2017.
|  | (In thousands)
Consideration: |  |
Cash, net of purchase price adjustments |  | $ | 1,354,093 |
Fair value of Gulfport’s common stock issued |  | 464,639 |
Total consideration |  | $ | 1,818,732 |
Estimated fair value of identifiable assets acquired and liabilities assumed: |  |
Oil and natural gas properties |  |
Proved properties |  | $ | 362,264 |
Unproved properties |  | 1,462,957 |
Asset retirement obligations |  | (6,489 | )
Total fair value of net identifiable assets acquired |  | $ | 1,818,732 |
Schedule of pro forma information | The pro forma combined financial information has been included for comparative purposes and is not necessarily indicative of the results that might have actually occurred had the Vitruvian Acquisition taken place on January 1, 2017; furthermore, the financial information is not intended to be a projection of future results.
|  | Three months ended |  | Nine months ended
|  | September 30, 2017 |  | September 30, 2017
|  | (In thousands, except share data)
Pro forma revenue |  | $ | 265,498 |  |  | $ | 958,354 |
Pro forma net income |  | $ | 18,235 |  |  | $ | 300,052 |
Pro forma earnings per share (basic) |  | $ | 0.10 |  |  | $ | 1.68 |
Pro forma earnings per share (diluted) |  | $ | 0.10 |  |  | $ | 1.68 |
For the three months ended September 30, 2017 and the period from the acquisition date of February 17, 2017 to September 30, 2017, the assets acquired in the Vitruvian Acquisition contributed the following amounts of revenue to the Company's consolidated statements of operations. The amount of net income contributed by the assets is not presented below as it is impracticable to calculate due to the Company integrating the acquired assets into its overall operations using the full cost method of accounting.
|  |  |  | Period from
|  |  |  | February 17, 2017
|  | Three months ended |  | to
|  | September 30, 2017 |  | September 30, 2017
|  | (In thousands)
Revenue |  | $ | 60,940 |  |  | $ | 137,706 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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