Gulfport Energy emerges from bankruptcy
Wednesday, May 26, 2021
Gulfport Energy emerged from Chapter 11 bankruptcy on May 18 with a new board and an improved balance sheet, according to Natural Gas World.
The company started a restructuring process in November, looking to eliminate roughly $1.25 billion in debt.
“Gulfport has exited bankruptcy with a new board of directors; a strengthened balance sheet, with $853mn of total debt representing more than $1.2bn of deleveraging through the Chapter 11 process; and approximately $135mn of liquidity,” the company said in a statement on May 18.
Furthermore, Gulfport’s president and CEO David Wood retired and chief financial officer Quentin Hicks resigned. Timothy Cutt was appointed interim CEO and Bill Buese as CFO. Additionally, five new directors, including Cutt, were appointed to the board.
Learn more: Natural Gas World > US shale firm Gulfport Energy exits bankruptcy
Leave a Comment
Marcellus & Utica Shale Well Map
Additional Shale Maps
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.