Goodrich Petroleum Announces it has Acquired 74,000 Net Acres in the Tuscaloosa Marine Shale Oil Trend in Louisiana and Mississippi

HOUSTON, June 13, 2011 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) today announced it has purchased leases totaling approximately 74,000 net acres in the Tuscaloosa Marine Shale oil trend in Louisiana and Mississippi. The Company paid approximately $13 million, or an average of $175 per net acre for the acreage.

The Company anticipates development to commence in the first quarter of 2012.

OTHER INFORMATION

Certain statements in this news release regarding future expectations and plans for future activities may be regarded as "forward looking statements" within the meaning of the Securities Litigation Reform Act.  They are subject to various risks, such as financial market conditions, operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.  Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.

Goodrich Petroleum Corporation is an independent oil and gas exploration and production company listed on the New York Stock Exchange.  The majority of its properties are in Louisiana and Texas.

SOURCE Goodrich Petroleum Corporation

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