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Goodrich Petroleum Corporation (GDP) (the “Company”) today announced final results from its previously announced tender offer to exchange depositary shares of the Company’s newly created 10.00% Series E Cumulative Convertible Preferred Stock (the “Series E Preferred Stock”) for any and all issued and outstanding shares of the Company’s 5.375% Series B Cumulative Convertible Preferred Stock (“Series B Preferred Stock”), up to 2,390,000 depositary shares of the Company’s outstanding 10.00% Series C Cumulative Preferred Stock (“Series C Preferred Stock”), and up to 2,390,000 depositary shares of the Company’s outstanding 9.75% Series D Cumulative Preferred Stock (“Series D Preferred Stock” and, together with the Series B Preferred Stock and the Series C Preferred Stock, the “Existing Preferred Stock”).

Similar to the Series B Preferred Stock, the Company has applied to list the Series E Preferred Stock on the OTCQX Marketplace and expects the shares to be delivered and freely tradable upon closing, which is expected to occur on or about December 18, 2015. The Series E Preferred Stock will be immediately eligible for conversion into common stock of the Company per the terms of the Offer to Exchange dated November 6, 2015 (the “Offer to Exchange”). The common stock of the Company received upon conversion of the Series E Preferred Stock will be listed on the NYSE and will be freely tradable.

D.F. King & Co., Inc., the exchange agent and information agent for the exchange offers, has advised the Company that as of 5:00 p.m., New York City time on December 15, 2015, approximately 50% of the shares of Existing Preferred Stock eligible for exchange have tendered and been accepted by the Company, as follows:

  • 758,434 shares of Series B Preferred Stock have been validly tendered and not properly withdrawn pursuant to the tender offer, representing approximately 33.7% of the Series B Preferred Stock offered for exchange;
  • 1,274,932 depositary shares of Series C Preferred Stock have been validly tendered and not properly withdrawn pursuant to the tender offer, representing approximately 53.3% of the maximum 2,390,000 depositary shares offered for exchange; and
  • 1,463,759 depositary shares of Series D Preferred Stock have been validly tendered and not properly withdrawn pursuant to the tender offer, representing approximately 61.3% of the maximum 2,390,000 depositary shares offered for exchange.

As a result of the exchanges, the Company has retired approximately $106.4 million of Existing Preferred Stock in exchange for approximately $36.5 million of Series E Preferred Stock.