The activist campaigns are heating up in the energy sector

Firefly Value Partners is taking the activist approach with Gulfport Energy. The hedge fund has demanded a seat on the board of directors at the energy firm. It has also criticized the oil-and-gas producer for “half measures” when it comes to addressing its financial performance.

This week has marked an interesting string of events between the fund and the energy firm. In one week we’ve gone from the launch of a turnaround program to an all-out war at the steps of the board room.

Firefly Value Partners Sends a Letter to Gulfport Energy

Earlier this week, Gulfport Energy announced an aggressive plan to address the 65% stock decline over 12 months. The firm further announced layoffs, changes to the board, and an end to buybacks. The firm will also see its Chairman and two other directors step down in the months ahead.

Furthermore, the company aims to address its burdening debt load (as are many other firms in the energy space.

However, that proposal flopped and the stock decline continued.

Now, the activist hedge fund has sent a letter to the Gulfport board stating that they intend to clean up the energy giant’s mess.

“That is why we are asking that the board immediately fill one of the new director vacancies with a Firefly principal as a shareholder representative,” the letter from Firefly Value Partners demanded.

Related: Study: Activist Investing Spurs Innovation in Targeted Companies