Goodrich Petroleum Discloses Insider Transactions

HOUSTON, May 27 /PRNewswire-FirstCall/ -- Goodrich Petroleum Corporation (the "Company") (NYSE: GDP) announces that Josiah T. Austin, a director of the Company and a beneficial owner of approximately 6.3 million shares, has sold 3.0 million shares, or approximately 48 percent of his beneficial ownership of the Company's common stock, compliant with Rule 144. The shares were sold for personal financial reasons.

Separately, Patrick E. Malloy, III, Chairman of the Board, Walter G. Goodrich, Vice Chairman and CEO, Robert C. Turnham, Jr., President and COO and Michael Killelea, Senior Vice President and General Counsel purchased $1.3 million of the Company's common stock, or approximately 106,000 shares.

Mr. Austin commented, "This sale of stock was made to resolve a personal financial obligation and in no way reflects on my very positive views of the Company, its assets and outlook for the future. I plan to continue to hold my remaining shares and look forward to my continued involvement with the Company as a shareholder and a director."

Goodrich Petroleum Corporation is an independent oil and gas exploration and production company listed on the New York Stock Exchange.

SOURCE Goodrich Petroleum Corporation

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