UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 8.01. Other Events.
Gulfport Energy Corporation (the “Company” and together with its wholly owned subsidiaries, “Gulfport”) finalized a settlement agreement (the “Settlement Agreement”) with Columbia Gas Transmission, LLC, Columbia Gulf Transmission, LLC, and ANR Pipeline Company (collectively, “TC Energy”) that was approved by the Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) on September 21, 2021. Pursuant to the Settlement Agreement, Gulfport and TC Energy agreed that the firm transportation contracts between Gulfport and TC Energy would be rejected without any further payment or obligation by Gulfport or TC Energy, and TC Energy assigned its damages claims from such rejection to Gulfport (the “Assigned Claims”). In exchange, Gulfport agreed to make a payment of $43.75 million in cash to TC Energy. Over time, Gulfport will receive distributions on account of the Assigned Claims pursuant to Gulfport’s Chapter 11 plan of reorganization that became effective in May 2021. Based on current projections, Gulfport presently expects that these distributions will result in Gulfport recovering all, or substantially all, of the $43.75 million paid pursuant to the Settlement Agreement, and that a material portion of such recovery will be received by Gulfport in the next twelve months.
Gulfport also reached an agreement in principle with Stingray Pressure Pumping LLC (“Stingray”) that fully resolves the longstanding litigation between the parties. Gulfport had initiated a lawsuit against Stingray on December 18, 2019 in the Superior Court of the State of Delaware (the “Delaware Court”), and Stingray had countersued in the Delaware Court and filed a claim for $81.28 million against Gulfport in the Bankruptcy Court. Pursuant to the settlement, Stingray and Gulfport have agreed to drop all of the claims brought against each other in Delaware Court and Bankruptcy Court.
A copy of the Settlement Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 - Financial Statements and Exhibits.
(d) | Exhibits |
Exhibit No. |
Description | |
99.1 | Settlement Agreement by and among Gulfport and TC Energy, dated September 13, 2021. | |
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 27, 2021 | Gulfport Energy Corporation | |
By: | /s/ Patrick Craine | |
Name: | Patrick Craine | |
Title: | Chief Legal and Administrative Officer |
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