Gulfport discusses restructuring with lenders
Wednesday, October 21, 2020
Gulfport Energy Corp. recently revealed in a regulatory filing that it’s been in discussions with its lenders about filing for bankruptcy, according to Natural Gas Intelligence.
Furthermore, Gulfport entered a 30-day grace period to defer an interest payment that was due Thursday on its 6% unsecured note due 2024.
During the grace period, the company will continue “ongoing constructive discussions with its lenders and certain other stakeholders regarding a potential comprehensive financial restructuring to strengthen the company’s balance sheet and financial position,” according to its filing with the U.S. Securities and Exchange Commission.
Learn more: Natural Gas Intelligence > Leading Utica Producer Gulfport in Restructuring Talks with Lenders
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.