Gulfport Energy emerges from bankruptcy under new leadership

Gulfport Energy Corporation Provides SCOOP Well Results -


Oklahoma City’s Gulfport Energy Corp. announced Tuesday it has emerged from Chapter 11 bankruptcy, eliminated more than $1 billion debt, created a new board of directors and come under new temporary leadership.

David M. Wood, the Company’s President and Chief Executive Officer retired immediately and Quentin Hicks, Gulfport’s Chief Financial Officer also resigned immediately to pursue other opportunities.

The board named Chairman Timothy J. Cutt as Interim CEO and William “Bill” J. Buese as Chief Financial Officer. Cutt will be the interim leader through the end of the year while the board carries out a search for a permanent CEO.

“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,” said Cutt.

The five new directors on the board include Cutt, David Wolf, Guillermo “Bill” Martinez, Jason Martinez and David Reganato.

Gulfport filed Chapter 11 bankruptcy protection in the Southern District of Texas last November with plans to eliminate nearly $1.25 billion in funded debt.

In exiting bankruptcy, Gulfport emerged with $853 million in debt representing more than $1.2 billion of deleveraging through the process and approximately $135 million of liquidity. At emergency, the company’s net-debt-to-EBITDA is about 1.5x.



Gulfport’s new common shares will be listed on the NYSE under the ticker symbol “GPOR” and is expected to commence trading on May 18, 2021.

Kirkland & Ellis LLP and Jackson Walker L.L.P. served as legal co-counsel, Perella Weinberg Partners and its affiliate, Tudor Pickering Holt & Co. served as financial advisors, and Alvarez & Marsal served as restructuring advisor to the Company.

Source: Gulfport press release.