Gulfport Energy Amends Forbearance Agreement

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Gulfport Energy Corporation announced in a Form 8-K that the Company executed the Second Forbearance Agreement and Amendment to Amended and Restated Credit Agreement which extends that certain First Forbearance Agreement and Amendment to Amended and Restated Credit Agreement, dated as of October 26, 2020 among the Company, the Guarantors named therein (together with the Company, the “Loan Parties”), the lenders party thereto, each swap lender party thereto, each cash management party thereto and the Bank of Nova Scotia (individually, as lender, in its capacity as the letters of credit issuer, and in its capacity as the administrative agent for the lenders.

Pursuant to the Second Forbearance Agreement, the Lender Parties have agreed to (i) temporarily waive any default in connection with the Specified Default prior to its occurrence without any further action, (ii) expand the definition of “Specified Default” to include the failure to make the interest payment that becomes due on November 1, 2020 with respect to the 6.625% senior unsecured notes due 2023 while the Company continues ongoing constructive discussions with its lenders and certain other stakeholders regarding a potential comprehensive financial restructuring to strengthen the Company’s balance sheet and financial position; and (iii) extend their agreement to forbear from exercising certain of their default-related rights and remedies against the Company and the other Loan Parties with respect to any default in connection with the Specified Default, in each case, until the earlier of November 13, 2020 or another event that would trigger the end of the forbearance period.

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