Goodrich Makes Discovery at Dempsey Prospect

Goodrich Petroleum has made a new discovery on its Dempsey prospect at South Pass Block 41, a southerly extension to its Burrwood field in Plaquemines Parish, Louisiana.

The Company has drilled and logged approximately 100 feet of net (true vertical thickness) pay in four separate zones in its Dempsey prospect in South Pass Block 41. The Goodrich Petroleum Company - S.L. 17381 No. 1 well was drilled and logged to an initially-projected total depth of 11,870 feet (measured depth) and encountered pay in the Lower CP-2, 9,100', 9,500' and 10,100' sands. The Company, which owns an approximate 70% working interest and is the operator of the well, has run 7" production casing to the current total depth and is currently deepening the well an additional 400' to evaluate additional prospective section.

As soon as the new projected total depth has been reached and evaluated, the Company plans to immediately begin completion operations and production facility installation and tie-in. Initial production from the discovery well is anticipated to begin in May 2004