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MOVES

Gulfport Energy Corporation

Successfully Emerges From
Chapter 11

Gulfport Energy today announced that it
has successfully completed its restructuring
process and emerged from Chapter 11
protection. As contemplated by Gulfport’s
plan of reorganisation that was confirmed by
the US Bankruptcy Court for the Southern
District of Texas on April 28, 2021, Gulfport
has exited bankruptcy with a new board of
directors; a strengthened balance sheet, with
$853mn of total debt representing more than
$1.2bn of deleveraging through the Chapter
11 process; and approximately $135mn of
liquidity. At emergence, Gulfport’s net-debt-
to-EBITDA is approximately 1.5x.
7,200 producing wells (over 3,100 operated today announced a collaboration to bring GULFPORT ENERGY, May 18, 2021
producing wells), more than 700,000 net acres advanced seismic imaging to fibre optic
(96% held by production), and net production sensing. The alliance will provide operators Federal judge affirms
of ~48,000 boepd (50% liquids). Additionally, with advanced insight to determine their
BCE-Mach owns and operates an extensive reservoir potential for oil and gas production $24mn cash settlement for
infrastructure portfolio including two or carbon storage. The Halliburton FiberVSP™
fully integrated water transfer and disposal and Odassea™ distributed acoustic sensing royalty owners in Talisman
systems (~700 miles of water pipelines and solutions will now incorporate TGS’s seismic
~45 disposal wells), three gas gathering imaging workflows that process the entire Energy USA lawsuit
and processing systems (~310 MMcf per seismic wavefield to generate high-resolution
day processing capacity and ~450 miles of reservoir images. A federal judge has approved a class action
gathering lines), a ~85,000 HP compression “We are excited to transform vertical settlement, including $24.4mn in a cash fund
fleet, and a crude gathering system (108 miles seismic profiling to a full-field, digital, and to resolve litigation against Repsol Oil and
of pipeline and 50,000 barrel storage facility). intervention-less surveillance solution,” said Gas USA, formerly Talisman Energy USA,
BCE-MACH III, May 17, 2021 Trey Clark, vice president of Wireline and for royalty owners’ claims that the company
Perforating. “Through our collaboration with improperly allocated production volumes and
TGS, we can now enable real-time monitoring underpaid owners for wells operated in the
SERVICES of production across an entire field, allowing Eagle Ford shale basin in South Texas.
our customers to make better decisions and In addition to the cash fund, Repsol
Valaris announces jackup increase ultimate recovery.” waived any right to recover over $12mn in
“This solution enables enhanced reservoir
past overpayments to royalty owners. Judge
contract award understanding for our customers with Keith P Ellison in the US District Court for
the Southern District of Texas, Houston
a lower total cost of ownership relative
Valaris announced today that it has been to conventional 4D seismic,” said Jan Division, approved the class action settlement
awarded a contract of approximately 45 days Schoolmeesters, executive vice president of and entered an order of judgment following
with W&T Offshore in the US Gulf of Mexico TGS Operations and New Energy Solutions. a final fairness hearing May 12. The hearing
for VALARIS JU-117 (Ralph Coffman), a “We’ve leveraged the competencies and know- was the final step in the settlement process
heavy-duty modern jackup. The contract is how of both organizations to drive the change after the judge gave preliminary approval last
anticipated to begin in July 2021. our industry needs for proactive reservoir December to the class action settlement, the
VALARIS, May 19, 2021 management. For TGS, this collaboration certification of the class for the settlement and
meets our strategic initiatives to increase the plan of allocation.
Halliburton and TGS our focus on technology and mature basins, Bryan Blevins and Michael Hamilton
Provost Umphrey Law Firm attorneys
capture more repeatable business, and offer
collaborate to advance customers cost efficient new energy solutions represented Rayanne Regmund Chesser,
like carbon storage monitoring.”
Gloria Janssen, and other plaintiffs in the
seismic reservoir solution for multiple onshore and offshore lawsuit comprising more than 2,700 royalty
Work is underway to deliver this combined
owners in Texas and across the nation.
monitoring reservoir monitoring projects. PROVOST UMPHREY LAW FIRM, May 14, 2021
HALLIBURTON AND TGS-NOPEC GEOPHYSICAL,
Halliburton and TGS-NOPEC Geophysical May 18, 2021

P14 www. NEWSBASE .com Week 20 20•May•2021