Goodrich Petroleum Redeems Series A Convertible Preferred Stock

Goodrich Petroleum says that its Board of Directors has approved the redemption of its Series A Convertible Preferred Stock. The Record Date set for the redemption is January 16, 2006 and the Redemption Date is February 17, 2006. There are a total of 791,968 shares of the Company's Series A Convertible Preferred Stock issued and outstanding and the shares trade on the NASDAQ Small-Cap Market under the symbol "GDPAP".

The terms of the Series A Convertible Preferred Stock give the holders the option to convert at any time into shares of the Company's Common Stock at a ratio of 0.4167 shares of Common Stock for each share of Series A Convertible Preferred Stock. The Company has a simultaneous option to redeem the Series A Convertible Preferred Stock for cash at a price of $12 per share, plus accrued and unpaid dividends. The Company is mailing a Redemption Notice to Series A holders of record, advising them that, if they do not exercise their option to convert into Common Stock on or before February 16, 2006, the Company will redeem their Series A shares for cash at $12 per share, plus accrued and unpaid dividends since December 31, 2005. Assuming that all holders of Series A Convertible Preferred Stock elect redemption, the total redemption cost to the Company will be approximately $9.5 million.

Computershare Trust Company of New York is the Redemption Agent for the redemption of the Series A Convertible Preferred Stock. Holders of Series A Convertible Preferred Stock desiring additional information about the redemption, may call Computershare at (800) 245-7630.

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