Goodrich Petroleum Prices Public Offering Of Common Stock
HOUSTON, Oct. 15, 2013
HOUSTON, Oct. 15, 2013 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE:
GDP) (the "Company") today announced the pricing of its public offering of
6,000,000 shares of the Company's common stock at $25.25 per share. In
connection with the offering, the Company granted the underwriters a 30-day
option to purchase up to an additional 900,000 shares of common stock to cover
over-allotments. The offering is expected to settle and close on Monday,
October 21, 2013, subject to customary closing conditions.
The Company estimates that the net proceeds from the offering will be
approximately $144.2 million, after deducting underwriting commissions and
expenses (or approximately $165.9 million, if the underwriters exercise their
over-allotment option in full).
The Company intends to use the net proceeds from the offering to fund the
acceleration of its drilling program in the Tuscaloosa Marine Shale ("TMS"),
including an increase in its number of horizontal rigs running in the TMS from
two currently to five by the end of 2014.
Johnson Rice & Company L.L.C., RBC Capital Markets and Scotiabank / Howard
Weil are acting as joint book-running managers for this offering. BMO Capital
Markets, Global Hunter Securities, IBERIA Capital Partners L.L.C., SunTrust
Robinson Humphrey and Stifel are acting as senior co-managers and Capital One
Southcoast, KLR Group, MLV & Co., Simmons & Company International and U.S.
Capital Advisors are acting as co-managers for the offering.
The offering will be made only by means of a prospectus, forming a part of the
Company's effective shelf registration statement, related prospectus
supplement and other related documents. You may obtain these documents for
free by visiting EDGAR on the Securities and Exchange Commission website at
www.sec.gov. Alternatively, copies may be obtained from Johnson Rice &
Company L.L.C., Attn: Corporate Finance Department, 639 Loyola Avenue, Suite
2775, New Orleans, LA 70113, phone (800) 443-5924; RBC Capital Markets, Attn:
Equity Syndicate, Three World Financial Center, 200 Vesey Street, 8th Floor,
New York, NY 10281, phone (877) 822-4089; or Scotiabank / Howard Weil, Attn:
Equity Capital Markets, 165 Broadway, One Liberty Plaza, 25th Floor, New York,
NY 10006, phone (212) 225-6853. Before you invest, you should read the
prospectus supplement and accompanying base prospectus, along with other
documents that the Company has filed with the Securities and Exchange
Commission, for more complete information about the Company and this offering.
This announcement is neither an offer to sell nor a solicitation of an offer
to buy any of these securities and shall not constitute an offer, solicitation
or sale in any jurisdiction in which such offer, solicitation or sale is
unlawful. The offering is being made pursuant to an effective registration
statement on Form S-3 previously filed by the Company with the Securities and
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.
SOURCE Goodrich Petroleum Corporation
Contact: Robert C. Turnham, Jr., President, Jan L. Schott, Chief Financial
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