Goodrich Petroleum Accelerates Development of Cotton Valley Acreage

Goodrich Petroleum has entered into long term contracts on two additional drilling rigs for development of its acreage in the Cotton Valley Trend, bringing the total to eight. The Company currently has five drilling rigs working in the Trend, with three additional drilling rigs due in July.

Commenting on the addition of the two drilling rigs, the Company's President, Robert Turnham, stated, "We are very pleased to add two additional drilling rigs to our Cotton Valley activities. Eight rigs running in the play will allow us to execute on our strategy of accelerating the development of our acreage block in the Trend, which currently stands at approximately 50,000 acres."

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