Commenting on the sale, Walter G. "Gil" Goodrich, Vice-Chairman and CEO said, "The closing of this transaction completes the strategic shift we initiated in 2004 when we entered into the Cotton Valley trend of East Texas and Northwest Louisiana. In addition to allowing us to focus completely on the Cotton Valley trend, the transaction further strengthens our balance sheet and provides meaningful incremental capital which will assist in funding our 2007 capital expenditure budget of $275 million, all of which is earmarked for development in the Cotton Valley trend."
Goodrich Petroleum is an independent oil and gas exploration and production company listed on the New York Stock Exchange. The majority of its properties are in Louisiana and Texas.
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