<SEC-DOCUMENT>0001213900-21-032530.txt : 20211029
<SEC-HEADER>0001213900-21-032530.hdr.sgml : 20211029
<ACCEPTANCE-DATETIME>20210615161515
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-21-032530
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210615

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GULFPORT ENERGY CORP
		CENTRAL INDEX KEY:			0000874499
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				863684669
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		14313 NORTH MAY AVENUE
		STREET 2:		SUITE 100
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73134
		BUSINESS PHONE:		4058488807

	MAIL ADDRESS:	
		STREET 1:		14313 NORTH MAY AVENUE
		STREET 2:		SUITE 100
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73134

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WRT ENERGY CORP
		DATE OF NAME CHANGE:	19930328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WESTERN RESOURCE TECHNOLOGIES INC
		DATE OF NAME CHANGE:	19600201
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Gulfport Energy Corporation<BR>
</B>3001 Quail Springs Parkway<BR>
Oklahoma City, Oklahoma 73134</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">VIA EDGAR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">June 15, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Attention:</P></TD>
    <TD STYLE="padding: 0; text-align: left; font-size: 10pt; text-indent: 0">Brad Skinner</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; font-size: 10pt; text-indent: 0">Loan Lauren Nguyen</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; font-size: 10pt; text-indent: 0">Irene Barberena-Meissner</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">United States Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
Office of Energy &amp; Transportation<BR>
100 F Street, NE<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Re:</B></P></TD>
    <TD STYLE="padding: 0; width: 95%; text-align: left; font-size: 10pt; text-indent: 0"><B>Gulfport Energy Corporation</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; font-size: 10pt; text-indent: 0"><B>Form T-3</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; font-size: 10pt; text-indent: 0"><B>Filed May 10, 2021</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; font-size: 10pt; text-indent: 0"><B>File No. 022-29093</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On behalf of Gulfport Energy
Corporation (the &ldquo;<U>Company</U>&rdquo;) and its subsidiaries, we submit this letter in response to the verbal comments from the
Staff (the &ldquo;<U>Staff</U>&rdquo;) of the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) received on June
7, 2021, with respect to the Application for Qualification of Indenture on Form T-3 filed on May 10, 2021 (as subsequently amended, the
&ldquo;<U>Form T-3</U>&rdquo;) by the Company and each of the other applicants listed on the cover page of the Form T-3 (collectively,
the &ldquo;<U>Applicants</U>&rdquo;). For the convenience of the Staff&rsquo;s review, we have set forth the comments in italics, followed
by the responses of the Applicants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="padding: 0; width: 0.5in; text-indent: 0">1.</TD><TD STYLE="padding: 0; text-align: justify; text-indent: 0"><I>Please describe the makeup of the investors that acquired the New Notes in connection with the Company&rsquo;s
Plan of Reorganization (the &ldquo;<U>Plan</U>&rdquo;). Please include in your response (i) the percentage of the new noteholders that
were in the &ldquo;creditor group&rdquo; and represented by counsel and (ii) the amount of overlap between the new noteholders and the
holders of old notes prior to the emergence from bankruptcy.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><U>Response</U></B>: The holders of the
Company&rsquo;s Old Notes (as defined below) (together with certain other general unsecured claimholders) received all of the $550 million
of the Company&rsquo;s 8.0% Senior Notes due 2026 that were issued pursuant to the Plan (the &ldquo;<U>New Notes</U>&rdquo;) and the Old
Notes were cancelled upon effectiveness of the Plan. According to the disclosure filings with the bankruptcy court by the Ad Hoc Noteholder
Group (as&nbsp;defined below), Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP (&ldquo;<U>Noteholder Counsel</U>&rdquo;) represented
holders that owned 77.39% of the aggregate principal amount of the Old Notes as of February 16, 2021 (the &ldquo;<U>Ad Hoc Noteholder
Group</U>&rdquo;), and subsequent to such date holdings were reported, we believe the Ad Hoc Noteholder Group represented by Noteholder
Counsel acquired additional Old Notes increasing such percentage ownership. The exact holdings of Old Notes, as of the effective date
of the Plan, are not available. The identities of the remainder of the holders of the Old Notes were believed to be institutional investors
that acquired the Company&rsquo;s Old Notes from time to time, but were not part of the Ad Hoc Noteholder Group; however, the identities
were unable to be obtained since the Old Notes were held and trading through The Depository Trust Company. Of the $550 million of New
Notes, holders of the Old Notes were entitled to receive 99.94% of the aggregate principal amount and the remaining 0.06% went to other
general unsecured creditors (consisting primarily of trade claimants and litigation claimants). In addition to the New Notes that were
received by the holders of the Company&rsquo;s Old Notes, such noteholders also received their pro rata share of 96% of the reorganized
Company&rsquo;s common stock and the opportunity to participate in a $50 million rights offering of preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Plan was implemented on a
largely consensual basis between the Company and its creditors, including the Ad Hoc Noteholder Group, pursuant to the terms of a
Restructuring Support Agreement that was entered into on November 13, 2020 prior to the Company&rsquo;s filing for bankruptcy. The
Restructuring Support Agreement was entered into with (i)&nbsp;over 95% of the lenders under the Company&rsquo;s prior credit
agreement and (ii) the Ad Hoc Noteholder Group, which at the time consisted of holders holding over two-thirds of the
Company&rsquo;s (a) 6.625% senior notes due 2023, (b) 6.000% senior notes due 2024, (c) 6.375% senior notes due 2025, and (d) 6.375%
senior notes due 2026 (collectively, the &ldquo;<U>Old Notes</U>&rdquo;). Pursuant to the Restructuring Support Agreement, the
creditors party to such agreement agreed to support and vote in favor of the transactions that ultimately occurred in the
Company&rsquo;s bankruptcy. The vote of the creditors that signed the Restructuring Support Agreement was higher than the required
percentages necessary to have the bankruptcy Plan approved by the bankruptcy court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Furthermore, the Ad Hoc Noteholder Group
along with Noteholder Counsel were an integral part of the negotiation and drafting of the Restructuring Support Agreement and certain
of the definitive documentation entered into at the Company&rsquo;s emergence from bankruptcy. Specifically, Noteholder Counsel, on behalf
of its clients, prepared the indenture governing the New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="padding: 0; width: 0.5in; text-indent: 0">2.</TD><TD STYLE="padding: 0; text-align: justify; text-indent: 0"><I>Please provide us with a legal analysis of whether the new noteholders have received the same protections
of the Trust Indenture Act of 1939 (the &ldquo;<U>TIA</U>&rdquo;) even though the indenture governing the New Notes (the &ldquo;<U>New
Notes Indenture</U>&rdquo;) has not yet been qualified under the TIA.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><U>Response</U>:&#9;</B>The Company
and its counsel believes that the holders of the New Notes have received substantially the same protections that are provided by the TIA
even though the New Notes Indenture has not yet been deemed qualified under the TIA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The New Notes Indenture was
drafted to incorporate the provisions of the TIA where applicable. These provisions are woven throughout the New Notes Indenture,
which has become the customary approach when drafting an indenture that will be qualified under the TIA. The intent of the Company
is to have the New Notes Indenture qualified under the TIA and subject to its provisions. For example, the New Notes Indenture
expressly provides that it is &ldquo;subject to the mandatory provisions of the Trust Indenture Act&rdquo; and that such provisions
are &ldquo;incorporated by reference in and made a part of [the] [i]ndenture.&rdquo; Additionally, the New Notes Indenture contains
explicit language that the TIA will control in the event of any conflicts, stating that -- &ldquo;If any provision of [the]
[i]ndenture limits, qualifies or conflicts with another provision which is required to be included in [the] [i]ndenture by the Trust
Indenture Act, the required provision shall control.&rdquo; Furthermore, the indenture provides that the indenture may be amended at
any time &ldquo;to comply with any requirement of the SEC in connection with the qualification of this Indenture under the Trust
Indenture Act.&rdquo; Various parts of the New Notes Indenture also require the trustee to comply with and &ldquo;at all times
satisfy the requirements of&rdquo; the TIA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Additionally, the Company and its counsel
believe that the purposes behind the requirement to file a Form T-3 (namely the provision of adequate disclosure to the persons being
asked to make an investment decision in respect of the securities in question through the qualification of indentures) were served prior
to the filing of the Form T-3 with respect to the New Notes. The holders of the substantial majority of the Old Notes (i.e. the Ad Hoc
Noteholder Group) were at all times adequately represented by counsel during the offering of the New Notes. Moreover, these holders actively
negotiated for the terms of the New Notes contained in the Disclosure Statement and Plan, and prepared and actively negotiated the final
terms contained in the New Notes Indenture. Furthermore, the holders of Old Notes, including those that were not part of the Ad Hoc Noteholder
Group, had and continue to have access to a significant amount of information regarding the Applicants by virtue of both (i) having been
creditors of the Company for an extensive period of time prior to the Company&rsquo;s emergence from bankruptcy and (ii) having had access
to the reports and other information that had been filed with the bankruptcy court and the Commission by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*****</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any additional supplemental
information is required by the Staff or if you have any questions regarding the foregoing, please contact Michael W. Rigdon of Kirkland&nbsp;&amp; Ellis LLP at (713) 836-3647 with any questions or further comments regarding the responses to the Staff&rsquo;s comments.</P>

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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">Sincerely,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="text-transform: uppercase">Gulfport Energy Corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 60%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding: 0; text-indent: 0; width: 35%">/s/ Patrick K. Craine</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Name:</TD>
    <TD STYLE="padding: 0; text-indent: 0">Patrick K. Craine</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Title:</TD>
    <TD STYLE="padding: 0; text-indent: 0">General Counsel and Corporate Secretary</TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Enclosures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">cc:&#9;Michael W. Rigdon (Kirkland &amp; Ellis
LLP)</P>

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