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 are mineral rights?
Mineral rights are the rights of the owner of the property to mine or produce any resources below the surface of the property. Mineral rights are different from surface rights.
Will I get free natural gas if I allow fracking on my property?
Maybe. It depends on your particular lease agreement. Some companies allow property owners a yearly free gas allowance. But, the process of connecting your property to the gas source may be more complicated. Some companies will provide a hookup, others require the landowner to provide one.