US-based Gulfport Energy is reportedly considering strategic options for its business, which includes a potential sale.

Gulfport Energy has hired an investment bank to help in assessing its options and to solicit potential bids for the transaction, Reuters reported citing people familiar with the development.

The natural gas exploration and production firm is said to be valued at around $1.6bn.

The sources told the news agency that no deal can be assured.

Currently, the company is considering renegotiating two contracts with pipeline operators. Cancelling the contracts could help in saving money, according to the news agency.

Gulfport Energy had emerged from bankruptcy in May 2021. The company filed for bankruptcy protection in 2020 due to the impact of the oil price crash following the outbreak of the Covid-19 pandemic.

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The firm, which also reported a weaker balance sheet following a series of acquisitions over the past decade, had a total debt of approximately $2.5bn as of 30 September 2020.

In May this year, Gulfport Energy’s control was transferred to its creditors, who exchanged nearly $1.2bn of debt for the shares of the company. Many of these creditors are hedge funds.

The company is focused on exploring, acquiring, and producing natural gas, crude oil, and natural gas liquids (NGL) in the US. Its primary focus is on operations is the Appalachia and Anadarko basins.

The firm’s key assets are located in Eastern Ohio, which target the Utica formation. The company also has properties in central Oklahoma, which target the SCOOP Springer and SCOOP Woodford formations.