GULFPORT ENERGY CORPORATION (NASDAQ:GPOR) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
Amendment to Credit Facility
On November21, 2017, Gulfport Energy Corporation, a Delaware corporation (“Gulfport”), as borrower, entered into an eleventh amendment to its secured revolving credit facility (the “Credit Facility”) with The Bank of Nova Scotia, as administrative agent, and the lenders party thereto (the “Eleventh Amendment”). The Eleventh Amendment, among other things, (i)decreased the applicable rate for all loans by 0.5% and (ii)added a provision that allows Gulfport to elect a commitment amount (the “Elected Commitment Amount”) that is less than the borrowing base. In connection with the Eleventh Amendment, the borrowing base was set at $1.2billion, and Gulfport set the Elected Commitment Amount at $1.0billion. As of November21, 2017, approximately $240.0million of letters of credit were outstanding under the Credit Facility and there were no outstanding borrowings under the Credit Facility.
The preceding summary of the Eleventh Amendment is qualified in its entirety by reference to the full text of such agreement, a copy of which is attached as Exhibit 10.1 hereto and incorporated herein by reference.
Item 1.01. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 above with respect to the Eleventh Amendment is incorporated herein by reference, as applicable.
| Item 1.01. | Financial Statements and Exhibits. |
(d) Exhibits
GULFPORT ENERGY CORP ExhibitEX-10.1 2 d475393dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 ELEVENTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT Dated as of November 21,…To view the full exhibit click here
About GULFPORT ENERGY CORPORATION (NASDAQ:GPOR)
Gulfport Energy Corporation (Gulfport) is an independent oil and natural gas exploration and production company focused on the exploration, exploitation, acquisition and production of natural gas, natural gas liquids and crude oil in the United States. The Company has an oil and natural gas portfolio of proved reserves, as well as development and exploratory drilling opportunities on conventional and unconventional oil and natural gas prospects. The Company’s principal properties are located in the Utica Shale primarily in Eastern Ohio and along the Louisiana Gulf Coast in the West Cote Blanche Bay (WCBB), and Hackberry fields. In addition, the Company has interest in producing properties in the Niobrara Formation of Northwestern Colorado and the Bakken Formation. The Company also holds an acreage position in the Alberta oil sands in Canada through its interest in Grizzly Oil Sands ULC (Grizzly), and interests in an entity that operates in the Phu Horm gas field in Thailand.
