UNITED STATES
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CURRENT REPORT
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Item 7.01. Regulation FD Disclosure.
On December 4, 2023, Gulfport Energy Corporation (the “Company”) entered into a purchase agreement (the “Purchase Agreement”) with certain accounts managed and advised by Silver Point Capital, L.P. and MacKay Shields LLC (the “Selling Stockholders”). Pursuant to the Purchase Agreement, the Company agreed to purchase from the Selling Stockholders an aggregate of 292,910 shares of the Company’s common stock, par value $0.0001 (“Common Stock”), at a price of $136.56 per share, representing a 1% discount to the last reported per share sales price of Common Stock on the NYSE on December 1, 2023, and an aggregate total consideration of approximately $40 million (the “Repurchase”). The Repurchase is expected to close on December 11, 2023.
The Repurchase is part of the Company’s existing $650 million common share repurchase program and will reduce remaining availability thereunder. As of November 30, 2023 and prior to the Repurchase, the Company had repurchased approximately 4.0 million shares of common stock at a weighted-average share price of $87.22 since the program initiated in March 2022, totaling approximately $347.1 million in aggregate. Following the Repurchase, the Company will have approximately $262.9 million of remaining capacity under the common share repurchase program.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GULFPORT ENERGY CORPORATION | ||
Date: December 4, 2023 | By: | /s/ Michael Hodges |
Name: | Michael Hodges | |
Title: | Chief Financial Officer |
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