Gulfport in Trouble?

Does anyone know if Gulfport is in financial trouble?  They are 60 days late on payments and just tell me they will pay me when they pay me.  I'm sure as a landowner if they go under I will be one of the last to be paid.  I would hate to lose the whole first year production.  Been in production since May and they have not even sent out division orders yet. The units that went into production before mine where 30 days late on first checks and now they are up to 60 days late.  I have done everything my lease requires, sent default letter, called and talked to them and their attitude is it is my problem not a problem for them. They claim the royalties are in escrow and are safe but won't send me written verification.

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Permalink Reply by Sam Moore on February 2, 2018 at 4:04am

New month still no division order.  I understand it is not only the landowners that are not being paid also their vendors are not being paid.  I hope this is just a case of them keeping our money for some big buy out and not a case of no money to pay the bills.  If they go belly up I am sure the landowners are going to be on the bottom of the list to be paid.  They told me back in Oct. that all the royalties they owe me where being escrowed but when I asked for written verification they would not provide that.

Permalink Reply by bo boboski on February 2, 2018 at 10:06am

Don't look good. Sorry. Are other royalty owners experiencing the same thing ,or is this an isolated  situation?

Permalink Reply by Sam Moore on February 2, 2018 at 11:05am

Everyone in our unit that I talked to has not been paid except one.  They received their first division order the same day we did. Signed it and sent it back.  I asked them if it was correct and they did not know as they did not read it.  So as it stands now we would have been paid by now if would have accepted 2/3rds of our royalties.  Read that Gulfport is panning to buy back $100,000,000 of its stock this year I guess they need our money to do that. And if they can get enough bad press the stock price will go down.  I sent them a complete break down for our property parcel #'s, acreage, Royalty interest out 8 decimal places and total it for them. Had an analyst e-mail me back that she had reviewed my numbers and agreed with me and would send out a correct division order. It took a week and half but received it today.  I'm sure they wanted to push it off until Feb so they can delay payment another month.

Permalink Reply by Sam Moore on March 2, 2018 at 4:00am

Paid up for 2017.  Now they are only one month behind.

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