Goodrich Petroleum Announces Repurchase of $123 Million of Convertible Notes

HOUSTON, March 4, 2011 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) today announced the repurchase in a privately-negotiated transaction of $123 million aggregate principal amount of its outstanding 3.25% convertible senior notes due 2026 at 101.25, plus accrued interest, for $126 million. The repurchase was made using a portion of the net proceeds from the Company's recently-completed offering of $275 million aggregate principal amount of its 8.875% senior notes due 2019.

Jefferies & Company, Inc. acted as financial advisor for the Company in connection with the repurchase.

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 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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