Goodrich Petroleum Announces Clarification of Various Bear Stearns Agreements

HOUSTON, March 27  /PRNewswire-FirstCall/ -- Goodrich Petroleum Corporation ("GDP") today announced that, as a result of a ratings upgrade of The Bear Stearns Companies, Inc. ("BSC") debt by Standard and Poors ("S&P") on March 24, 2008, its obligation to transfer its rights and obligations under the Capped Call Agreement entered into in December 2007 to an entity with a higher credit rating has been cured.  With the upgrade, The Bear Stearns Companies, Inc.'s credit ratings stood at Baa1 by Moody's and AA- by S&P as of that date.

To recap the provisions of the two agreements discussed in its press release dated March 20, 2008, the Share Lending Agreement (SLA) requires collateral to be posted by an affiliate of Bear Stearns if its credit rating is below either A3 by Moody's or A- by S&P.  Thus, as of this date, the collateral requirement is still in place, and is marked to market on a daily basis depending on the value of GDP shares at the close of each day's trading. The Capped Call Agreement requires an affiliate of BSC to transfer its rights and obligations within 30 days if its credit rating is below either Baa1 by Moody's or BBB+ by S&P.  Thus the recent upgrade by S&P eliminated this requirement as of March 24, 2008.

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. 

DATASOURCE: Goodrich Petroleum Corporation



CONTACT:  Robert C. Turnham, Jr., President, or David R. Looney, Chief

Financial Officer, both of Goodrich Petroleum Corporation, [phone]



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

Copyright