Silver Point Capital L.P. - May 17, 2021 Form 3 Insider Report for GULFPORT ENERGY CORP (GPOR)

Role: Director, 10%+ Owner
Signature: /s/ Steven Weiser, Authorized Signatory on behalf of Silver Point Capital, L.P.
Stock symbol: GPOR
Transactions as of: May 17, 2021
Transactions value $: $0
Form type: 3
Date filed: 5/27/2021, 06:24 PM
Next filing: Jun 10, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	GPOR	Common Stock						8.66M	May 17, 2021	Direct	F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	GPOR	Series A Convertible Preferred Stock							May 17, 2021	Common Stock	1.6M		Direct	F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Includes (i) up to 536,203 shares of the Issuer's common stock that may be distributed to the Reporting Persons upon satisfaction of certain unsecured creditors' claims in the Issuer (Docket Nos. 1291, 1294 and 1295 of In re Gulfport Energy Corporation, Chapter 11 Case No. 20-35562, filed in the United States Bankruptcy Court for the Southern District of Texas, Houston Division), and (ii) up to 368,714 shares of the Issuer's common stock that may be distributed to the Reporting Persons as holders of claims relating to certain notes of the Issuer, which shares have been held in reserve and are contingent upon the resolution of certain legal proceedings.
F2	Silver Point Capital, L.P. ("Silver Point") or its wholly owned subsidiaries are the investment managers of Silver Point Fund, L.P., Silver Point Capital Offshore Master Fund, L.P., Silver Point Distressed Opportunities Fund, L.P., Silver Point Distressed Opportunities Offshore Master Fund, L.P., Silver Point Distressed Opportunity Institutional Partners, L.P. and Silver Point Distressed Opportunity Institutional Partners Master Fund (Offshore), L.P. (the "Funds") and, by reason of such status, may be deemed to be the beneficial owner of all of the reported securities held by the Funds. Silver Point Capital Management, LLC ("Management") is the general partner of Silver Point and as a result may be deemed to be the beneficial owner of all securities held by the Funds. Messrs. Edward A. Mule and Robert J. O'Shea are each members of Management and as a result may be deemed to be the beneficial owner of all of the securities held by the Funds. Silver Point, Management and Messrs. Mule and O'Shea disclaim beneficial ownership of the reported securities held by Funds except to the extent of their pecuniary interests.
F3	Represents 22,427 shares of the Issuer's Series A Convertible Preferred Stock (the "Preferred Stock"). Each holder of shares of Preferred Stock has the right, at its option and at any time, to convert all or a portion of the shares of Preferred Stock that it holds into a number of shares of the Issuer's common stock equal to the quotient obtained by dividing (x) the product obtained by multiplying (i) the Liquidation Preference times (ii) an amount equal to one (1) plus the Per Share Makewhole Amount (as defined in the Preferred Terms) on the date of conversion, by (y) $14.00 per share (each as described in, and subject to the terms of, the definitive documentation governing the Preferred Stock.)