Goodrich Petroleum Closes Previously Announced Equity Offering, Including Underwriters’ Over-Allotment Option

HOUSTON, July 14 /PRNewswire-FirstCall/ — Goodrich Petroleum Corporation announced today that it has closed its previously announced offering of 3,000,000 shares of its common stock, par value $0.20 per share (the “Initial Shares”) and that the underwriters of the offering have exercised their option to purchase an additional 121,300 shares of common stock (the “Option Shares”). The closing for the issuance and sale of the Option Shares closed simultaneously with the closing of the issuance and sale of the Initial Shares.
Net proceeds from the offering were approximately $191.4 million after deducting the underwriters’ discount and estimated offering expenses, and will be used to pay off the outstanding balance of its senior revolving credit facility, with the remainder to be used for general corporate purposes, including capital expenditures associated with its ongoing operations and expansion of its activities in the Haynesville Shale.
J.P. Morgan Securities Inc. acted as sole book-running manager. In addition, co-managers included Morgan Stanley & Co. Incorporated, Raymond James & Associates, Inc., Deutsche Bank Securities Inc., Howard Weil Incorporated, Jefferies & Company, Inc., Johnson Rice & Co. L.L.C., Tudor, Pickering, Holt & Co. Securities, Inc., BMO Capital Markets Corp., Capital One Southcoast, Inc., Tristone Capital Co., BNP Paribas Securities Corp., and Collins Stewart LLC. Copies of the final prospectus supplement and accompanying base prospectus may be obtained from the offices of J.P. Morgan Securities Inc. at 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, Attention: Prospectus Department, e-mail: , telephone: (718) 242-8002.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state.
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.
Goodrich Petroleum Corporation