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TUSK

Mammoth Energy

$1.72 /

-0.06 (-3.37%)

, GPOR

Gulfport Energy

$3.09 /

+0.02 (+0.65%)

08:15
12/24/19
12/24
08:15
12/24/19
08:15

Mammoth Energy says Gulfport actions constitute breach of contract

In a regulatory filing yesterday, Mammoth Energy Services (TUSK) noted that Stingray Pressure Pumping, a wholly owned subsidiary of the company, and Gulfport Energy (GPOR) are parties to an amended and restated master services agreement for pressure pumping services effective October 1, 2014 and amended several times since. Pursuant to and in accordance with the terms of the contract, Stingray provides hydraulic fracturing, stimulation and related completion and rework services to Gulfport in exchange for the payments specified in the contract. The contract provides for a term ending in December 2021. The filing stated in part: "On December 20, 2019, Gulfport filed with the Securities and Exchange Commission a current report on Form 8-K in which Gulfport states, in part: 'On December 18, 2019, Gulfport notified [Stingray] of the exercise of Gulfport's termination right under the [Contract] in connection with [Stingray's] inability to fulfill or timely cure its obligation under the [Contract.]' Prior to the filing of the Gulfport 8-K, Gulfport had not provided the Company with a notice of termination that complies with the provisions of the Contract. While the Company did receive a letter from Gulfport on December 18, 2019, it was not, in fact, a notice of termination. Rather, the Gulfport Letter informed the Company that Gulfport had completed its review of the accounts and records maintained by Stingray for the period January 2017 to December 2018 in accordance with the terms of the Contract and was claiming certain exceptions and costs to be determined. Among other things, the Gulfport Letter also requested that Stingray confirm in writing that it would work with Gulfport on a new billing methodology going forward...The Company disputes that Stingray has not or is unable to fulfill or timely cure its obligations under the Contract...If Gulfport is now attempting to terminate the Contract as it states in the Gulfport 8-K, the Company believes that Gulfport's actions constitute a breach of the Contract, disputes that Gulfport has provided any notice of termination, and intends to vigorously contest termination and enforce the Company's rights. Gulfport owns approximately 22% of the Company's outstanding common stock and one of the Company's directors is Gulfport's designee pursuant to that certain Investor Rights Agreement between the Company and Gulfport, dated as of October 12, 2016, entered into by the parties thereto in connection with the Company's initial public offering."

TUSK

Mammoth Energy

$1.72 /

-0.06 (-3.37%)

GPOR

Gulfport Energy

$3.09 /

+0.02 (+0.65%)

  • 23

    Mar

TUSK Mammoth Energy
$1.72 /

-0.06 (-3.37%)

11/11/19 Imperial Capital
Mammoth Energy downgraded to In-Line from Outperform at Imperial Capital
09/30/19
Fly Intel: Top five analyst downgrades
09/30/19 Barclays
Barclays downgrades Mammoth Energy, cuts price target to $3.50
09/30/19 Barclays
Mammoth Energy downgraded to Equal Weight from Overweight at Barclays
GPOR Gulfport Energy
$3.09 /

+0.02 (+0.65%)

11/15/19
Fly Intel: Top five analyst downgrades
11/15/19 SunTrust
Gulfport Energy downgraded to Hold from Buy at SunTrust
11/15/19 SunTrust
Gulfport Energy downgraded to Hold from Buy at SunTrust
10/18/19 Imperial Capital
Gulfport Energy price target lowered to $5 from $11 at Imperial Capital

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