Goodrich Petroleum Announces New Hedges and Updates Overall Hedge Position

HOUSTON, Dec. 18  /PRNewswire-FirstCall/ -- Goodrich Petroleum Corporation (NYSE:GDP) today announced that it has recently added to its existing hedge position by executing zero cost collars on 30,000 Mmbtu per day for the period including all of calendar years 2010, 2011, and 2012.

The transactions increase the Company's total 2010 hedged volumes to 50,000 Mmbtu per day at a floor price of $6.00 per Mmbtu and an average ceiling price of $7.10 per Mmbtu, and its 2011 and 2012 hedged volumes to 40,000 Mmbtu per day at a floor price of $6.00 per Mmbtu and an average ceiling price of $7.09 per Mmbtu.  Additionally, the Company has previously hedged a portion of its East Texas basis exposure at $0.37 per Mmbtu on 50,000 Mmbtu per day for calendar year 2010.

The Company also announced that the realized gains on its commodity derivative portfolio for the fourth quarter of 2009 totaled approximately $22.3 million.

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.  Initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels.

Note that although the Company refers to the commodity derivative contracts described above as hedges, it is not currently designating any of these contracts as hedges in its financial statements.

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. 

DATASOURCE: Goodrich Petroleum Corporation



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

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



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

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