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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to                                    
Commission File Number 001-19514
Gulfport Energy Corporation
(Exact Name of Registrant As Specified in Its Charter)
Delaware86-3684669
(State or Other Jurisdiction of Incorporation or Organization)(IRS Employer Identification Number)
3001 Quail Springs Parkway
Oklahoma City,Oklahoma73134
(Address of Principal Executive Offices)(Zip Code)
(405) 252-4600
(Registrant Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.0001 par value per shareGPORThe New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
    Yes  ý     No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files).      Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated filer  ¨     Accelerated filer   ý    Non-accelerated filer  ¨   
Smaller reporting company   Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  ý
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
 Yes  ý    No  ¨
As of October 28, 2021, 20,585,964 shares of the registrant’s common stock were outstanding.


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GULFPORT ENERGY CORPORATION
TABLE OF CONTENTS
 
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DEFINITIONS
Unless the context otherwise indicates, references to “us,” “we,” “our,” “ours,” “Gulfport,” the “Company” and “Registrant” refer to Gulfport Energy Corporation and its consolidated subsidiaries. All monetary values, other than per unit and per share amounts, are stated in thousands of U.S. dollars unless otherwise specified. In addition, the following are other abbreviations and definitions of certain terms used within this Quarterly Report on Form 10-Q:
2023 Notes. 6.625% Senior Notes due 2023.
2024 Notes. 6.000% Senior Notes due 2024.
2025 Notes. 6.375% Senior Notes due 2025.
2026 Notes. 6.375% Senior Notes due 2026.
ASC. Accounting Standards Codification.
ASU. Accounting Standards Update.
Bankruptcy Code. Chapter 11 of Title 11 of the United States Code.
Bankruptcy Court. The United States Bankruptcy Court for the Southern District of Texas.
Bbl. One stock tank barrel, or 42 U.S. gallons liquid volume, used herein in reference to crude oil or other liquid hydrocarbons.
Btu. British thermal unit, which represents the amount of energy needed to heat one pound of water by one degree Fahrenheit and can be used to describe the energy content of fuels.
Building Loan. Loan agreement for our corporate headquarters scheduled to mature in June 2025.
Chapter 11 Cases. Voluntary petitions filed on November 13, 2020 by Gulfport Energy Corporation, Gator Marine, Inc., Gator Marine Ivanhoe, Inc., Grizzly Holdings, Inc., Gulfport Appalachia, LLC, Gulfport Midcon, LLC, Gulfport Midstream Holdings, LLC, Jaguar Resources LLC, Mule Sky LLC, Puma Resources, Inc. and Westhawk Minerals LLC.
CODI. Cancellation of indebtedness income.
Completion. The process of treating a drilled well followed by the installation of permanent equipment for the production of natural gas, oil and NGL.
Current Combined YTD Period. Combined Current Successor YTD Period and Current Predecessor YTD Period.
Current Predecessor YTD Period. Period from January 1, 2021 through May 17, 2021.
Current Successor Quarter. Period from July 1, 2021 through September 30, 2021.
Current Successor YTD Period. Period from May 18, 2021 through September 30, 2021.
DD&A. Depreciation, depletion and amortization.
Debtors. Collectively, Gulfport Energy Corporation, Gator Marine, Inc., Gator Marine Ivanhoe, Inc., Grizzly Holdings, Inc., Gulfport Appalachia, LLC, Gulfport Midcon, LLC, Gulfport Midstream Holdings, LLC, Jaguar Resources LLC, Mule Sky LLC, Puma Resources, Inc. and Westhawk Minerals LLC.
DIP Credit Facility. Senior secured superpriority debtor-in-possession revolving credit facility in an aggregate principal amount of $262.5 million.
Emergence Date. May 17, 2021.
Exit Credit Agreement. The Second Amended and Restated Credit Agreement with the Bank of Nova Scotia as lead administrative agent and various lender parties providing for the Exit Facility and the First-Out Term Loan.
Exit Credit Facility. Collectively, the First-Out Term Loan and the Exit Facility, with an initial borrowing base and elected commitment amount of up to $580 million.
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Exit Facility. Senior secured reserve-based revolving credit facility with The Bank of Nova Scotia as the lead arranger and administrative agent and various lender parties.
First-Out Term Loan. Senior secured term loan in an aggregate maximum principal amount of $180 million.
Grizzly. Grizzly Oil Sands ULC.
Grizzly Holdings. Grizzly Holdings Inc.
Gross Acres or Gross Wells. Refers to the total acres or wells in which a working interest is owned.
Guarantors. All existing consolidated subsidiaries that guarantee the Company's revolving credit facility or certain other debt.
Indentures. Collectively, the 1145 Indenture and the 4(a)(2) Indenture governing the Successor Senior Notes.
IRC. The Internal Revenue Code of 1986, as amended.
LIBOR. London Interbank Offered Rate.
LOE. Lease operating expenses.
MBbl. One thousand barrels of crude oil, condensate or natural gas liquids.
Mcf. One thousand cubic feet of natural gas.
Mcfe. One thousand cubic feet of natural gas equivalent.
MMBtu. One million British thermal units.
MMcf. One million cubic feet of natural gas.
MMcfe. One million cubic feet of natural gas equivalent.
Natural Gas Liquids (NGL). Hydrocarbons in natural gas that are separated from the gas as liquids through the process of absorption, condensation, adsorption or other methods in gas processing or cycling plants. Natural gas liquids primarily include ethane, propane, butane, isobutene, pentane, hexane and natural gasoline.
New Common Stock. $0.0001 par value common stock issued by the Successor on the Emergence Date.
New Credit Facility. The Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent and various lender parties, providing for a new money senior secured reserve-based revolving credit facility effective as of October 14, 2021.
New Preferred Stock. $0.0001 par value preferred stock issued by the Successor on the Emergence Date.
NYMEX. New York Mercantile Exchange.
Petition Date. November 13, 2020.
Plan. The Amended Joint Chapter 11 Plan of Reorganization of Gulfport Energy Corporation and Its Debtor Subsidiaries.
Pre-Petition Revolving Credit Facility. Senior secured revolving credit facility, as amended, with The Bank of Nova Scotia as the lead arranger and administrative agent and certain lenders from time-to-time party thereto with a maximum facility amount of $580 million.
Prior Predecessor Quarter. Period from July 1, 2020 through September 30, 2020.
Prior Predecessor YTD Period. Period from January 1, 2020 through September 30, 2020.
Restructuring. Restructuring contemplated under the Restructuring Support Agreement including equitizing a significant portion of our pre-petition indebtedness and rejecting or renegotiating certain contracts.
RSA. Restructuring Support Agreement.
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SCOOP. Refers to the South Central Oklahoma Oil Province, a term used to describe a defined area that encompasses many of the top hydrocarbon producing counties in Oklahoma within the Anadarko basin. The SCOOP play mainly targets the Devonian to Mississippian aged Woodford, Sycamore and Springer formations. Our acreage is primarily in Garvin, Grady and Stephens Counties.
SEC. The United States Securities and Exchange Commission.
Predecessor Senior Notes. Collectively, the 2023 Notes, 2024 Notes, 2025 Notes and 2026 Notes.
Successor Senior Notes. 8.000% Senior Notes due 2026.
Utica. Refers to the hydrocarbon bearing rock formation located in the Appalachian Basin of the United States and Canada. Our acreage is located primarily in Belmont, Harrison, Jefferson and Monroe Counties in Eastern Ohio.
Working Interest (WI). The operating interest which gives the owner the right to drill, produce and conduct operating activities on the property and a share of production.
WTI. Refers to West Texas Intermediate.


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GULFPORT ENERGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)

SuccessorPredecessor
September 30, 2021December 31, 2020
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$4,485 $89,861 
Accounts receivable—oil and natural gas sales185,941 119,879 
Accounts receivable—joint interest and other9,669 12,200 
Prepaid expenses and other current assets18,487 160,664 
Short-term derivative instruments2,142 27,146 
Total current assets220,724 409,750 
Property and equipment:
Oil and natural gas properties, full-cost method
Proved oil and natural gas properties1,831,762 9,359,866 
Unproved properties216,357 1,457,043 
Other property and equipment5,277 88,538 
Total property and equipment2,053,396 10,905,447 
Less: accumulated depletion, depreciation and amortization(212,403)(8,819,178)
Total property and equipment, net1,840,993 2,086,269 
Other assets:
Equity investments  24,816 
Long-term derivative instruments961 322 
Operating lease assets34 342 
Other assets25,496 18,372 
Total other assets26,491 43,852 
Total assets$2,088,208 $2,539,871 

See accompanying notes to consolidated financial statements.

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GULFPORT ENERGY CORPORATION
CONSOLIDATED BALANCE SHEETS–CONTINUED
(In thousands, except share data)
SuccessorPredecessor
September 30, 2021December 31, 2020
(Unaudited)
Liabilities, Mezzanine Equity and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable and accrued liabilities$436,172 $244,903 
Short-term derivative instruments560,722 11,641 
Current portion of operating lease liabilities34  
Current maturities of long-term debt60,000 253,743 
Total current liabilities1,056,928 510,287 
Non-current liabilities:
Long-term derivative instruments272,935 36,604 
Asset retirement obligation19,854  
Long-term debt, net of current maturities689,502  
Total non-current liabilities982,291 36,604 
Liabilities subject to compromise 2,293,480 
Total liabilities$2,039,219 $2,840,371 
Commitments and contingencies (Note 9)
Mezzanine Equity:
New Preferred Stock - $0.0001 par value, 110 thousand shares authorized, 57.9 thousand issued and outstanding at September 30, 2021
57,920 — 
Stockholders’ equity (deficit):
Predecessor common stock - $0.01 par value, 200.0 million shares authorized, 160.8 million issued and outstanding at December 31, 2020
— 1,607 
Predecessor accumulated other comprehensive loss— (43,000)
New Common Stock - $0.0001 par value, 42.0 million shares authorized, 20.6 million issued and outstanding at September 30, 2021
2 — 
Additional paid-in capital692,182 4,213,752 
New Common Stock held in reserve, 938 thousand shares
(30,216)— 
Accumulated deficit(670,899)(4,472,859)
Total stockholders’ deficit$(8,931)$(300,500)
Total liabilities, mezzanine equity and stockholders’ deficit$2,088,208 $2,539,871 

See accompanying notes to consolidated financial statements.
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GULFPORT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited) 
SuccessorPredecessor
Three Months Ended September 30, 2021Three Months Ended September 30, 2020
REVENUES:
Natural gas sales$301,516 $155,163 
Oil and condensate sales33,279 16,012 
Natural gas liquid sales45,153 18,824 
Net loss on natural gas, oil and NGL derivatives(622,476)(53,823)
Total Revenues(242,528)136,176 
OPERATING EXPENSES:
Lease operating expenses13,864 13,393 
Taxes other than income11,844 6,102 
Transportation, gathering, processing and compression84,435 110,567 
Depreciation, depletion and amortization62,573 51,551 
Impairment of oil and natural gas properties 270,874 
General and administrative expenses16,691 20,331 
Restructuring and liability management expenses2,858 8,984 
Accretion expense488 774 
Total Operating Expenses192,753 482,576 
LOSS FROM OPERATIONS(435,281)(346,400)
OTHER EXPENSE:
Interest expense16,351 34,321 
Loss from equity method investments, net 153 
Other, net9,031 89 
Total Other Expense25,382 34,563 
LOSS BEFORE INCOME TAXES(460,663)(380,963)
Income tax expense650  
NET LOSS$(461,313)$(380,963)
Dividends on New Preferred Stock$(2,095)$ 
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS$(463,408)$(380,963)
NET LOSS PER COMMON SHARE:
Basic$(22.50)$(2.37)
Diluted$(22.50)$(2.37)
Weighted average common shares outstanding—Basic20,598 160,683 
Weighted average common shares outstanding—Diluted20,598 160,683 

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GULFPORT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS—CONTINUED
(In thousands, except per share data)
(Unaudited)
 
SuccessorPredecessor
Period from May 18, 2021 through September 30, 2021Period from January 1, 2021 through May 17, 2021Nine Months Ended September 30, 2020
REVENUES:
Natural gas sales$413,234 $344,390 $456,859 
Oil and condensate sales50,866 29,106 47,553 
Natural gas liquid sales61,230 36,780 45,989 
Net (loss) gain on natural gas, oil and NGL derivatives(762,134)(137,239)71,414 
Total Revenues(236,804)273,037 621,815 
OPERATING EXPENSES:
Lease operating expenses17,980 19,524 41,166 
Taxes other than income16,900 12,349 19,039 
Transportation, gathering, processing and compression125,811 161,086 334,789 
Depreciation, depletion and amortization94,935 62,764 194,369 
Impairment of oil and natural gas properties117,813  1,357,099 
Impairment of other property and equipment 14,568  
General and administrative expenses23,209 19,175 45,719 
Restructuring and liability management expenses2,858  9,601 
Accretion expense714 1,229 2,270 
Total Operating Expenses400,220 290,695 2,004,052 
LOSS FROM OPERATIONS(637,024)(17,658)(1,382,237)
OTHER EXPENSE (INCOME):
Interest expense25,245 4,159 99,677 
Gain on debt extinguishment  (49,579)
Loss from equity method investments, net 342 10,987 
Reorganization items, net (266,898) 
Other, net7,979 1,711 8,957 
Total Other Expense (Income)33,224 (260,686)70,042 
(LOSS) INCOME BEFORE INCOME TAXES(670,248)243,028 (1,452,279)
Income tax expense (benefit)650 (7,968)7,290 
NET (LOSS) INCOME$(670,898)$250,996 $(1,459,569)
Dividends on New Preferred Stock$(3,126)$ $ 
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$(674,024)$250,996 $(1,459,569)
NET (LOSS) INCOME PER COMMON SHARE:
Basic$(32.87)$1.56 $(9.12)
Diluted$(32.87)$1.56 $(9.12)
Weighted average common shares outstanding—Basic20,507 160,834 160,053 
Weighted average common shares outstanding—Diluted20,507 160,834 160,053 

See accompanying notes to consolidated financial statements.
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GULFPORT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)

SuccessorPredecessor
Three Months Ended September 30, 2021Three Months Ended September 30, 2020
Net loss$(461,313)$(380,963)
Foreign currency translation adjustment 3,661 
Other comprehensive income 3,661 
Comprehensive loss$(461,313)$(377,302)
SuccessorPredecessor
Period from May 18, 2021 through September 30, 2021Period from January 1, 2021 through May 17, 2021Nine Months Ended September 30, 2020
Net (loss) income$(670,898)$250,996 $(1,459,569)
Foreign currency translation adjustment  (4,497)
Other comprehensive loss  (4,497)
Comprehensive (loss) income$(670,898)$250,996 $(1,464,066)

See accompanying notes to consolidated financial statements.

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GULFPORT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(In thousands)
(Unaudited)
Common Stock Held in Reserve
Paid-in
Capital
Accumulated
Other
Comprehensive (Loss) Income
Reined Earnings Accumulated
Deficit
Total
Stockholders’
Equity (Deficit)
Common Stock
 SharesAmountSharesAmount
Balance at January 1, 2020 (Predecessor)159,711 $1,597  $ $4,207,554 $(46,833)$(2,847,726)$1,314,592 
Net Loss— — — — — — (517,538)(517,538)
Other Comprehensive Loss— — — — — (15,030)— (15,030)
Stock Compensation— — — — 2,104 — — 2,104 
Shares Repurchased(80)(1)— — (78)— — (79)
Issuance of Restricted Stock211 2 — — (2)— —  
Balance at March 31, 2020 (Predecessor)159,842 $1,598  $ $4,209,578 $(61,863)$(3,365,264)$784,049 
Net Loss— $— — $— $— $— $(561,068)$(561,068)
Other Comprehensive Income— — — — — 6,872 — 6,872 
Stock Compensation— — — — 1,515 — — 1,515 
Shares Repurchased(27)— — — (28)— — (28)
Issuance of Restricted Stock301 3 — — (3)— —  
Balance at June 30, 2020 (Predecessor)160,116 $1,601  $ $4,211,062 $(54,991)$(3,926,332)$231,340 
Net Loss— $— — $— $— $— $(380,963)$(380,963)
Other Comprehensive Income— — — — — 3,661 — 3,661 
Stock Compensation— — — — 1,314 — — 1,314 
Shares Repurchased(136)(2)— — (127)— — (129)
Issuance of Restricted Stock782 8 — — (8)— —  
Balance at September 30, 2020 (Predecessor)160,762 $1,607  $ $4,212,241 $(51,330)$(4,307,295)$(144,777)


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GULFPORT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) CONTINUED
(In thousands)
(Unaudited)
Common Stock Held in Reserve
Paid-in
Capital
Accumulated Other
Comprehensive (Loss) Income
Retained Earnings (Accumulated
Deficit)
Total Stockholders’
Equity (Deficit)
Common Stock
 SharesAmountSharesAmount
Balance at January 1, 2021 (Predecessor)160,762 $1,607  $ $4,213,752 $(43,000)$(4,472,859)$(300,500)
Net Income— — — — — — 8,780 8,780 
Other Comprehensive Income— — — — — 2,570 — 2,570 
Stock Compensation— — — — 1,419 — — 1,419 
Shares Repurchased(86)(1)— — (7)— — (8)
Issuance of Restricted Stock203 3 — — (2)— — 1 
Balance at March 31, 2021 (Predecessor)160,879 $1,609  $ $4,215,162 $(40,430)$(4,464,079)$(287,738)
Net Income— $— — $— $— $— $242,214 $242,214 
Issuance of Restricted Stock25 — — — — — — — 
Shares Repurchased(10)— — — — — — — 
Stock Compensation— — — — 5,095 — — 5,095 
Accumulated other comprehensive income extinguishment— — — — — 40,430 — 40,430 
Cancellation of Predecessor Equity(160,894)(1,609)— — (4,220,256)— 4,221,865  
Issuance of New Common Stock21,525 2 — — 693,773 — — 693,775 
Shares of New Common Stock Held in Reserve— — (1,679)(54,109)— — — (54,109)
Balance at May 17, 2021 (Predecessor)21,525 $2 (1,679)$(54,109)$693,774 $ $ $639,667 
Balance at May 18, 2021 (Successor)21,525 $2 (1,679)$(54,109)$693,774 $ $ $639,667 
Net Loss— — — — — — (209,586)(209,586)
Release of New Common Stock Held in Reserve— — 741 23,893 — — — 23,893 
Conversion of New Preferred Stock10 — — — 147 — — 147 
Dividends on New Preferred Stock— — — — (1,031)— — (1,031)
Balance at June 30, 2021 (Successor)21,535 $2 (938)$(30,216)$692,890 $ $(209,586)$453,090 
Net Loss— $— — $— $— $— $(461,313)$(461,313)
Stock Compensation— — — — 1,387 — — 1,387 
Dividends on New Preferred Stock— — — — (2,095)— — (2,095)
Balance at September 30, 2021 (Successor)21,535 $2 (938)$(30,216)$692,182 $ $(670,899)$(8,931)
See accompanying notes to consolidated financial statements.
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GULFPORT ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

SuccessorPredecessor
Period from May 18, 2021 through September 30, 2021Period from January 1, 2021 through May 17, 2021Nine Months Ended September 30, 2020
Cash flows from operating activities:
Net (loss) income$(670,898)$250,996 $(1,459,569)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation and amortization94,935 62,764 194,369 
Impairment of oil and natural gas properties117,813  1,357,099 
Impairment of other property and equipment 14,568  
Loss from equity investments 342 10,987 
Gain on debt extinguishment  (49,579)
Net loss (gain) on derivative instruments762,134 137,239 (71,414)
Net cash (payments) receipts on settled derivative instruments(99,574)(3,361)225,364 
Non-cash reorganization items, net (446,012) 
Deferred income tax expense   7,290 
Other, net1,487 1,725 12,753 
Changes in operating assets and liabilities, net(41,260)153,894 (27,299)
Net cash provided by operating activities164,637 172,155 200,001 
Cash flows from investing activities:
Additions to oil and natural gas properties(119,306)(102,330)(337,979)
Proceeds from sale of oil and natural gas properties600 15 46,932 
Other, net2,562 4,484 351 
Net cash used in investing activities(116,144)(97,831)(290,696)
Cash flows from financing activities:
Principal payments on Pre-Petition Revolving Credit Facility (318,961)(372,000)
Borrowings on Pre-Petition Revolving Credit Facility 26,050 531,857 
Borrowings on Exit Credit Facility306,855 302,751  
Principal payments on Exit Credit Facility(409,000)  
Principal payments on DIP credit facility (157,500) 
Debt issuance costs and loan commitment fees(1,225)(7,100)(633)
Repurchase of senior notes  (22,827)
Proceeds from issuance of New Preferred Stock 50,000  
Other, net(55)(8)(719)
Net cash (used in) provided by in financing activities(103,425)(104,768)135,678 
Net (decrease) increase in cash, cash equivalents and restricted cash(54,932)(30,444)44,983 
Cash, cash equivalents and restricted cash at beginning of period59,417 89,861 6,060 
Cash, cash equivalents and restricted cash at end of period$4,485 $59,417 $51,043 
 See accompanying notes to consolidated financial statements.
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GULFPORT ENERGY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.BASIS OF PRESENTATION
Description of Company
Gulfport Energy Corporation (the "Company" or "Gulfport") is an independent natural gas-weighted exploration and production company with assets primarily located in the Appalachia and Anadarko basins. Gulfport filed for voluntary reorganization under Chapter 11 of the Bankruptcy Code on November 13, 2020, and subsequently operated as a debtor-in-possession, in accordance with applicable provisions of the Bankruptcy Code, until its emergence on May 17, 2021. The Company refers to the post-emergence reorganized organization in the condensed financial statements and footnotes as the "Successor" for periods subsequent to May 17, 2021, and the pre-emergence organization as "Predecessor" for periods on or prior to May 17, 2021.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of Gulfport were prepared in accordance with GAAP and the rules and regulations of the SEC.
This Quarterly Report on Form 10-Q (this “Form 10-Q”) relates to the financial position and periods as of and for the three months ended September 30, 2021 ("Current Successor Quarter"), May 18, 2021 through September 30, 2021 (“Current Successor YTD Period”), January 1, 2021 through May 17, 2021 (“Current Predecessor YTD Period”), the three months ended September 30, 2020 (“Prior Predecessor Quarter”) and the nine months ended September 30, 2020 ("Prior Predecessor YTD Period"). The Company's annual report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”) should be read in conjunction with this Form 10-Q. Except as disclosed herein, and with the exception of information in this report related to our emergence from Chapter 11 and the application of fresh start accounting, there has been no material change in the information disclosed in the notes to the consolidated financial statements included in the 2020 Form 10-K. The accompanying unaudited consolidated financial statements reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of our condensed consolidated financial statements and accompanying notes and include the accounts of our wholly-owned subsidiaries. Intercompany accounts and balances have been eliminated. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern.
Certain reclassifications have been made to prior period financial statements and related disclosures to conform to current period presentation. These reclassifications have no impact on previous reported total assets, total liabilities, net loss, total stockholders' deficit or total operating cash flows.
Voluntary Reorganization Under Chapter 11 of the Bankruptcy Code
On the Petition Date, the Debtors filed voluntary petitions of relief under the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. The Chapter 11 Cases were administered jointly under the caption In re Gulfport Energy Corporation, et al., Case No. 20-35562 (DRJ).
The Bankruptcy Court confirmed the Plan and entered the confirmation order on April 28, 2021. The Debtors emerged from the Chapter 11 Cases on the Emergence Date. The Company's bankruptcy proceedings and related matters have been summarized below.
During the pendency of the Chapter 11 Cases, the Company continued to operate its business in the ordinary course as debtors-in-possession in accordance with the applicable provisions of the Bankruptcy Code. The Bankruptcy Court granted the first day relief requested by the Company that was designed primarily to mitigate the impact of the Chapter 11 Cases on its operations, vendors, suppliers, customers and employees. As a result, the Company was able to conduct normal business activities and satisfy all associated obligations for the period following the Petition Date and was also authorized to pay mineral interest owner royalties, employee wages and benefits, and certain vendors and suppliers in the ordinary course for goods and services provided prior to the Petition Date. During the pendency of the Chapter 11 Cases, all transactions outside the ordinary course of business required the prior approval of the Bankruptcy Court.
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Subject to certain specific exceptions under the Bankruptcy Code, the filing of the Chapter 11 Cases automatically stayed all judicial or administrative actions against the Company and efforts by creditors to collect on or otherwise exercise rights or remedies with respect to pre-petition claims. Absent an order from the Bankruptcy Court, substantially all of the Debtors’ pre-petition liabilities were subject to compromise and discharge under the Bankruptcy Code. The automatic stay was lifted on the Emergence Date.
The Company applied FASB ASC Topic 852 - Reorganizations ("ASC 852") in preparing the consolidated financial statements for the period ended May 17, 2021. ASC 852 specifies the accounting and financial reporting requirements for entities reorganizing through Chapter 11 bankruptcy proceedings. These requirements include distinguishing transactions associated with the reorganization separate from activities related to the ongoing operations of the business. Accordingly, pre-petition liabilities that may be impacted by the Chapter 11 proceedings were classified as liabilities subject to compromise on the consolidated balance sheet as of December 31, 2020. Additionally, certain expenses, realized gains and losses and provisions for losses that are realized or incurred during the Chapter 11 Cases are recorded as reorganization items, net. Refer to Note 3 for more information regarding reorganization items.
Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities consisted of the following at September 30, 2021 and December 31, 2020:
SuccessorPredecessor
September 30, 2021December 31, 2020
Accounts payable and other accrued liabilities$159,080 $120,275 
Revenue payable and suspense155,454 124,628 
Accrued contract rejection damages and shares held in reserve