Goodrich Petroleum Announces Operational Update

HOUSTON, Sept. 18  /PRNewswire-FirstCall/ -- Goodrich Petroleum Corporation (NYSE:GDP) today announced an operational update on its Haynesville Shale drilling activities in North Louisiana and East Texas.

  LOUISIANA

  BETHANY-LONGSTREET FIELD, CADDO AND DESOTO PARISHES, LOUISIANA


The Company has completed two additional Chesapeake Energy operated wells in the Bethany-Longstreet field in Caddo and DeSoto Parishes, Louisiana. The Johnson 10H-1 (50% WI) had a 24 hour initial production rate of 17.0 MMcf per day on a 22/64 inch choke with 7,500 psi, and the Dixie 31H-1 (19% WI) had a 24 hour initial production rate of 14.4 MMcf per day on a 22/64 inch choke with 6,600 psi. The Company is currently completing two additional Chesapeake operated wells, the Hunsicker 13H-1 (50% WI) and Caddo Parish 30H-1 (25% WI), along with one operated well, the Plants 26H-1 (36% WI).

GREENWOOD-WASKOM FIELD, CADDO PARISH, LOUISIANA

The Company has completed its initial operated well in the Greenwood-Waskom field in Caddo Parish, Louisiana. The Trosper 2H-1 (77.5% WI) had a 24 hour initial production rate of 11.7 MMcf per day on a 22/64 inch choke with 5,800 psi.

LONGWOOD FIELD, CADDO PARISH, LOUISIANA

The Company has completed the Chesapeake Energy - Bohnert 25H-1 (50% WI) in the Longwood field in northern Caddo Parish, Louisiana, with a 24 hour initial production rate of 7.5 MMcf per day on a 16/64 inch choke with 5,300 psi.

BECKVILLE AND MINDEN FIELDS, PANOLA AND RUSK COUNTIES, TEXAS

The Company has completed two additional wells in its Beckville/Minden fields in Panola and Rusk Counties, Texas. The Swiley 4H (100% WI), located in the northwest corner of its approximate 39,500 acre block, had a 24 hour initial production rate of 7.0 MMcf per day on a 20/64 inch choke with 5,300 psi. The Company has also completed its Beard-Taylor 1H (100% WI) at a 24 hour initial production rate of 6.5 MMcf per day on a 21/64 inch choke with 5,100 psi.

DRILLING ACTIVITY

The Company currently has five rigs running, with one operated and three non-operated rigs currently working in Bethany-Longstreet, and one operated rig running at Beckville. Upon completion of the Beckville well, the rig will move to Greenwood-Waskom, and the Company expects to drill in North Louisiana for the remainder of the year.

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.

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, President, or David R. Looney, Chief

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

fax, [phone]



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

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