Goodrich Petroleum Increases Stake in the Cotton South Prospect

Goodrich Petroleum has entered into a definitive agreement to purchase an additional 40% non-operated interest in the Cotton South Prospect, which covers approximately 16,800 net acres in Angelina and Cherokee Counties, Texas. The Company recently announced that it had agreed to purchase a 40% non-operated interest in approximately 18,000 gross acres in Nacogdoches County on its Cotton Prospect. This agreement covers the approximately 16,800 gross acres which lie to the south and southwest and are contiguous with the Cotton Prospect acreage. The Company has entered into a definitive agreement to purchase the acreage for $713,000 and the agreement to carry the other working interest owner on its share of costs to re-complete two existing wells and drill two test wells to test the Travis Peak formation. Other objectives for the acreage are the Cotton Valley, Rodessa and Glen Rose.

Goodrich will operate through the completion phase only of the initial two wells. The Company anticipates the initial re-completion to occur during the third quarter and the second re-completion and the drilling of the two test wells to occur before the end of the year.

With this acquisition, the Company has further increased its inventory to approximately 100,000 gross (65,000 net) acres in the Cotton Valley and Travis Peak Trend.