Goodrich Completes Series A Convertible Preferred Stock Redemption

Goodrich Petroleum Corporation (NYSE: GDP) has completed the previously announced redemption of the Company's Series A Convertible Preferred Stock. Of the 790,968 previously outstanding shares of Series A Convertible Preferred Stock, holders of 15,539 shares elected to convert such shares into a net total of 6,466 shares of the Company's Common Stock and the remaining 775,429 shares were redeemed for $12 per share, plus accrued dividends. The total redemption cost to the Company was approximately $9.4 million and was funded from available cash resources.
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