Gulfport Energy Successfully Emerges From Chapter 11
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Gulfport Energy Corporation has successfully completed its restructuring process and emerged from chapter 11 protection. As contemplated by Gulfport’s plan of reorganization, Gulfport has exited bankruptcy with a new board of directors, a strengthened balance sheet, with $853 million of total debt representing more than $1.2 billion of deleveraging through the Chapter 11 process, and approximately $135 million of liquidity.
New Board of Directors and Leadership Team
The company has appointed a new board of directors effective immediately. The board is comprised of five new directors who are experienced industry professionals: Timothy J. Cutt (chairman), David Wolf (lead independent director), Guillermo “Bill” Martinez, Jason Martinez, and David Reganato. Biographies for the directors can be found HERE.
The company also announced the retirement of David M. Wood, the company’s president and chief executive officer effective immediately. Quentin Hicks, Gulfport’s chief financial officer, has resigned effective immediately to pursue other opportunities. The board has appointed Chairman Timothy J. Cutt as interim chief executive officer and William “Bill” J. Buese as chief financial officer. Cutt will serve in the interim position at least through year end 2021 and the board will conduct a search for a permanent CEO at the appropriate time.
“We want to thank Dave, Quentin, and the departing Gulfport board for their leadership through a complex and challenging Chapter 11 process. Gulfport is emerging from its successful restructuring having materially improved its balance sheet and midstream cost structure, which leaves Gulfport well-positioned for future success,” said Timothy J. Cutt, chairman and interim chief executive officer.
“Today, we begin a new chapter at Gulfport with a strategy focused on continuing to reduce costs and generating sustainable free cash flow in an effort to drive shareholder value. In addition, we are committed to an emphasized focus on sustainability, and Gulfport will continue to prioritize safety, environmental stewardship, and maintaining strong relationships with the communities in which we operate,” added Cutt.
About Gulfport Energy
Gulfport Energy is an independent returns-oriented, gas-weighted, exploration and development company and is one of the largest producers of natural gas in the contiguous United States. Headquartered in Oklahoma City, Gulfport holds significant acreage positions in the Utica Shale of Eastern Ohio and the SCOOP Woodford and SCOOP Springer plays in Oklahoma.
To stop by Gulfport’s website, CLICK HERE
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