Gulfport Energy Taps Former QEP Leadership Following Bankruptcy

In addition to successfully completing its restructuring and exiting bankruptcy, Gulfport Energy also announced the retirement of its CEO David M. Wood, effective immediately.

Gulfport Energy Taps Former QEP Leadership Following Bankruptcy

(Source: Hart Energy; Shutterstock.com)

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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Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.