Gulfport Energy Corp. said May 18 it had successfully emerged from bankruptcy with former leadership of recently acquired QEP Resources at its helm.

The Oklahoma City-based natural gas explorer voluntarily filed for Chapter 11 bankruptcy protection in the Southern District of Texas last November with plans to eliminate about $1.25 billion in funded debt. In a company release on May 18, Gulfport said it had completed the restructuring process as part of its court-approved plan of reorganization 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.

In addition to the strengthened balance sheet, Gulfport exited bankruptcy with a new board of directors and also announced the retirement of its CEO David M. Wood, effective immediately.

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