Goodrich Petroleum Announces 2005 Capital Expenditure Budget

Goodrich Petroleum Announces 2005 Capital Expenditure Budget



HOUSTON, Dec. 23  /PRNewswire-FirstCall/ -- Goodrich Petroleum Corporation
today announced that its Board of Directors has approved a preliminary 2005
capital expenditure budget of approximately $75 million.  The Company's planned
capital expenditure program for 2005 represents an increase of approximately
75% over estimated 2004 capital expenditures of approximately $42 million.  The
2005 budget includes the following major components:

   * Approximately $48 million for accelerated development of the Company's
     acreage in the Cotton Valley Trend of East Texas and Northwest
     Louisiana, which the Company considers lower risk drilling activities.
     The Company has budgeted approximately 35 wells during 2005, which
     represents a 133% increase over the 15 wells drilled and completed in
     2004.

   * Approximately $21 million for moderate risk exploitation projects
     generated from the Company's existing 3-D seismic database, primarily
     on the Company's core properties in the transition zone of South
     Louisiana; and

   * Approximately $6 million for additional 3-D seismic data acquisition
     and exploration activities.



The Company plans to fund the 2005 capital expenditure budget primarily through
a combination of projected cash flow from operations and bank borrowings under
the Company's existing senior credit facility, as well as an anticipated
expansion of the facility pursuant to an existing term sheet.

Commenting on the Company's 2005 capital expenditure budget, the Company's
Vice-Chairman and CEO, Walter G. "Gil" Goodrich stated, "The results we have
experienced thus far in the Cotton Valley Trend, which now include
approximately 15 wells either logged and/or online and producing with a 100%
success rate, are within the range of our expected results at this stage of
development. As a result, the board has approved a preliminary capital
expenditure budget which will allow us to significantly accelerate the
development of the play and our existing acreage position."

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 exploration and production company listed
on the New York Stock Exchange.  The majority of its oil and gas properties are
in Louisiana and Texas. 

DATASOURCE: Goodrich Petroleum Corporation



CONTACT:  Robert C. Turnham, Jr., President, or D. Hughes Watler, Jr.,

Chief Financial Officer, both of Goodrich Petroleum Corporation



Web site:  http://www.goodrichpetroleum.com/ 

Copyright