Item
8.01 Other Events
On
March 25, 2020, the U.S. Securities and Exchange Commission (the “SEC”) issued an order (SEC Release No. 34-88465)
granting conditional relief to public companies that are unable to timely comply with their SEC filing obligations as a result
of the novel COVID-19 outbreak (the “SEC Order”).
GulfSlope
Energy, Inc., a Delaware corporation (“GulfSlope” or the “Company”) will be relying on the SEC Order to
delay the filing of its quarterly report on Form 10-Q for the quarter ended March 31, 2020 (the “Quarterly Report”)
due to circumstances related to the COVID-19 outbreak. The Company’s operations and business have experienced disruption
due to the unprecedented conditions surrounding the COVID-19 pandemic spreading throughout the United States and the world and it is unable to timely review and prepare the Company’s
financial statements for the Quarterly Report.
The
Company will file its Quarterly Report by no later than June 29, 2020, which is the revised filing deadline provided in the SEC
Order. Under the SEC Order, if the Quarterly Report is filed by such revised date, it will be deemed timely filed by the SEC.
In
addition, the Company is supplementing the risk factors previously disclosed in the Company’s periodic reports that are
filed with the SEC, with the following risk factor:
Events
outside of our control, including an epidemic or outbreak of an infectious disease, such as the Coronavirus Disease 2019 (or COVID-19),
may materially adversely affect our business.
We
face risks related to epidemics, outbreaks or other public health events that are outside of our control, and could significantly
disrupt our operations and adversely affect our financial condition. For example, the recent outbreak in Wuhan, China of COVID-19,
which has spread across the globe and impacted financial markets and worldwide economic activity, may adversely affect our operations
or the health of our workforce by rendering employees or contractors unable to work or unable to access our facilities for an
indefinite period of time. In addition, the effects of COVID-19 and concerns regarding its global spread could negatively impact
the domestic and international demand for crude oil and natural gas, which could contribute to price volatility, and materially
and adversely affect our ability to drill our prospect portfolio. As the potential impact from COVID-19 is difficult to predict,
the extent to which it may negatively affect our operating results or the duration of any potential business disruption is uncertain.
Any potential impact will depend on future developments and new information that may emerge regarding the severity and duration
of COVID-19 and the actions taken by authorities to contain it or treat its impact, all of which are beyond our control. These
potential impacts, while uncertain, could adversely affect our operating results.
Cautionary
Note Regarding Forward-Looking Statements
This
Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact included
in this communication, regarding our strategy, future operations, financial position, estimated revenues and losses, projected
costs, prospects, plans and objectives of management are forward-looking statements. When used in this communication, the words
“could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,”
“project,” “forecast, “may,” “objective,” “plan,” and similar expressions
are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words.
These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently
available information as to the outcome and timing of future events.
We
caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult
to predict and many of which are beyond our control. These risks include, but are not limited to, commodity price volatility,
inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating
risks, regulatory changes, the uncertainty inherent in estimating reserves and in projecting future rates of production, cash
flow and access to capital, the timing of development expenditures, anticipated impact of the COVID-19 outbreak, and other factors
that may affect our future results and business, generally, including those discussed in the Company’s periodic reports
that are filed with the SEC and available on the SEC’s website (http://www.sec.gov).
Should
one or more of these risks occur, or should underlying assumptions prove incorrect, our actual results and plans could differ
materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, are expressly
qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with
any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. Except as otherwise
required by applicable law, we disclaim any duty to update any forward-looking statements, to reflect events or circumstances
after the date of this communication.