By David French

NEW YORK (Reuters) – Gulfport Energy (OTC:) Corp, a U.S. exploration and production company which emerged from bankruptcy earlier this year, is exploring strategic options including a possible sale, according to people familiar with the matter.

Sources said that the Oklahoma City-based company is in discussions with an investment bank about its options. They also want to solicit interest from potential buyers.

Sources said no agreement is imminent, but they asked to remain anonymous as the matter is confidential.

Gulfport refused to comment.

Gulfport filed for bankruptcy in May last year, after its COVID-19-related pandemic caused temporary disruption to energy supply and made it unaffordable to repay its debts.

After completing a Chapter 11 bankruptcy, which saw $1.2 billion in debt swapped for shares, Gulfport’s control was given to many creditors.

The natural gas producer was tempted to sell after U.S. gas prices soared to seven-year highs earlier in the month.

Gulfport holds 266,000 net acres of land in Ohio’s Utica shale and Oklahoma’s SCOOP formation. The company presented its estimates to investors in August. It stated that 90 percent of 2021’s production would come from natural gas and 7% will be liquids.

Gulfport wants to revise two existing contracts with pipeline firms. They could be scrapped to save money. According to the August presentation, annual transport fees would drop by 55% and reach $131 millions if each contract is replaced by cheaper ones.