Goodrich Petroleum Delays Filing 2003 10-K with SEC

Goodrich Petroleum Corporation has filed Form 12b-25, which is a 15 day extension to file its 2003 Form 10-K annual report with the Securities and Exchange Commission. In the course of preparing its year end financial statements, the Company discovered a systematic error in the calculations of a portion of its non-cash depreciation, depletion and amortization ("DD&A") expense. The Company plans to file a restatement of its DD&A expense for the fiscal years ended December 31, 2001 and 2002 as well as the first three quarters of 2003, which will be incorporated in its 2003 Form 10-K annual report.

This calculation error has no effect on or change in the Company's current or previously reported oil and gas reserves. DD&A is a non-cash expense on the Company's income statement, and the restatement and increase in DD&A expense will have no effect on the Company's working capital, cash flow from operations or operating activities.
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