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SUBSEQUENT EVENTS | 3 Months Ended
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Mar. 31, 2021
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Chapter 11 Proceedings Update T he Bankruptcy Court entered an order confirming the Plan o n April 28, 2021. In support of the Plan, the enterprise value of the Successor was estimated and approved by the Bankruptcy Court to be in the range of $1.3 billion to $1.9 billion. Upon emergence from bankruptcy, which is expected to occur in May 2021, Gulfport expects to qualify for fresh-start reporting. In order to qualify for fresh start-reporting (i) the holders of existing voting shares of the Company prior to its emergence must receive less than 50% of the voting shares of the Company outstanding following its emergence from bankruptcy and (ii) the reorganization value of our assets immediately prior to confirmation of the plan of reorganization must be less than the post-petition liabilities and allowed claims. Under the principles of fresh-start reporting, a new reporting entity will be considered to have been created, and, as a result, the Company will allocate the reorganization value of the Company to its individual assets, including property, plant and equipment, based on their estimated fair values. Gulfport cannot currently estimate the financial effect of emergence from bankruptcy on its financial statements, although it expects to record material adjustments related to its Plan and the application of fresh-start reporting guidance upon the Effective Date. Natural Gas, Oil and Natural Gas Liquids Derivative Instruments Subsequent to March 31, 2021 and as of April 30, 2021, the Company entered into the following natural gas and oil derivative contracts as it completed minimum hedging requirements as provided for in the RSA:
Period |  | Type of Derivative Instrument |  | Index |  | Daily Volume(1) |  | Weighted Average Price
November 2021 - March 2022 |  | Basis Swaps |  | Rex Zone 3 |  | 40,000 |  |  | $ | (0.10) |
April 2022 - December 2022 |  | Costless Collars |  | NYMEX Henry Hub |  | 139,773 |  |  | $2.40/$2.60
January 2022 - December 2022 |  | Costless Collars |  | NYMEX WTI |  | 1,500 |  |  | $55.00/$60.00
(1) Volume units for gas instruments are presented as MMBtu/day and oil is presented in Bbls/day.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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