Goodrich Petroleum Outlines 2004 Capital Program

Goodrich Petroleum announced its preliminary capital expenditure budget for 2004.

The Company has established a preliminary capital expenditure budget for 2004 of $25 million. The budget is to be spent primarily on drilling and development operations in its core properties in South Louisiana, as well as East Texas and North Louisiana in the Cotton Valley trend. The Company's preliminary capital expenditure budget includes plans to participate in the drilling of approximately fifteen wells, commence workover operations on an estimated fifteen wells and participate in the acquisition of two, thirty square mile 3-D seismic surveys in South Louisiana. The Company plans to finance its capital expenditure budget out of operating cash flow and bank borrowings.