Goodrich Petroleum Announces Increased 2013 And Preliminary 2014 Capital Budget, Including An Accelerated TMS Drilling Program

   Goodrich Petroleum Announces Increased 2013 And Preliminary 2014 Capital
            Budget, Including An Accelerated TMS Drilling Program

PR Newswire

HOUSTON, Oct. 15, 2013

HOUSTON, Oct. 15, 2013 /PRNewswire/ --Goodrich Petroleum Corporation (NYSE:
GDP) (the "Company") today announced that it expects that its total 2013
capital expenditures will increase to an estimated $255 million from the
previous capital budget estimate of $230 million. The increase is
attributable to the addition of a second rig to its horizontal drilling
program in the Tuscaloosa Marine Shale ("TMS") and leasehold extension
payments in the TMS during the fourth quarter.

The Company is also announcing its preliminary 2014 capital budget of $375
million. The 2014 budget assumes successful completion of its equity offering
announced today and includes an increase to five horizontal rigs running in
the TMS by the end of 2014 from the two current TMS rigs. The Company plans
to spend approximately $300 million on drilling and completion activity
including facilities and infrastructure in the TMS. The Company also plans to
spend approximately $30 million on drilling and completion activities in both
its Eagle Ford and Angelina River Trend ("ART") / Haynesville areas. An
additional $15 million is budgeted for leasehold acquisitions and extensions
as well as for general corporate purposes, including working capital.

The following table reflects the Company's increased 2013 and preliminary 2014
estimated capital budgets:

                                    2013      2014
Tuscaloosa Marine Shale             $   75  $  300
Eagle Ford                          100       30
ART / Haynesville                   35        30
Leasehold Acquisition / Extensions  45        15
Total Budget                        $ 255    $ 375

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 Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. They are subject to various
risks, such as financial market conditions, changes in commodities prices and
costs of drilling and completion, 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 for the year ended December
31, 2012 and other subsequent 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. Except as required by law, the
Company expressly disclaims any intention or obligation to revise or update
any forward-looking statements whether as a result of new information, future
events or otherwise.

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.

The Issuer has filed a registration statement (including a prospectus) and
prospectus supplement with the SEC for the offering to which this
communication relates. Before you invest, you should read the prospectus in
that registration statement, the prospectus supplement and other documents the
Issuer has filed with the SEC for more complete information about the Issuer
and this offering. You may get these documents for free by visiting EDGAR on
the SEC website at www.sec.gov. Alternatively, the Issuer, any underwriter or
any dealer participating in the offering will arrange to send you the
prospectus and prospectus supplement if you request it by calling Johnson Rice
& Company L.L.C. at (800) 443-5924, RBC Capital Markets at (877) 822-4089, or
Scotiabank / Howard Weil at (212) 225-6853.

SOURCE Goodrich Petroleum Corporation

Website: http://www.goodrichpetroleum.com
Contact: Robert C. Turnham, Jr., President, or Jan L. Schott, Chief Financial
Officer, +1-713-780-9494
 
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