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
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.