Gulfport Energy Corp. has named Timothy Cutt as interim chief executive officer succeeding David Wood who has retired from his position as president and chief executive officer, effective immediately, as the company and its wholly owned subsidiaries exit Chapter 11 protection (OGJ Online, Nov. 16, 2020).
Cutt will serve in the interim position until at least end-2021.
Additionally, William “Bill” Buese has been appointed chief financial officer succeeding Quentin Hicks, who has resigned effective immediately to pursue other opportunities.
As contemplated by Gulfport’s plan of reorganization that was confirmed by the US Bankruptcy Court for the Southern District of Texas on Apr. 28, Gulfport has exited bankruptcy with a new board of directors, $853 million of total debt representing more than $1.2 billion of deleveraging through the Chapter 11 process, and $135 million of liquidity.
The new board is comprised of five new directors: Timothy J. Cutt (chairman), David Wolf (lead independent director), Guillermo “Bill” Martinez, Jason Martinez, and David Reganato.