Goodrich Logs Additional Pay at Dempsey Prospect

Goodrich Petroleum revealed the results of the deepening of its Dempsey prospect at South Pass Block 41, a southerly extension to its Burrwood field in Plaquemines Parish, Louisiana.

The Company had previously announced that it had 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 S.L. 17381 No.1 well has been deepened below the initially-projected total depth by approximately 400' to a new total depth of 12,265' (measured depth) and has encountered approximately 40 feet of additional pay in the 10,600' sand. The Company owns an approximate 70% working interest and is the operator of the well.

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. In addition, the Company has begun preliminary plans for a development well on its Dempsey prospect during the second quarter of 2004.