Goodrich Petroleum Increases 2005 Capital Budget to $135 Million

Goodrich Petroleum's (NYSE: GDP) Board of Directors has approved a second increase in its 2005 capital expenditure budget to a total of approximately $135 million. The Company's 2005 capital expenditure budget was originally approved in December 2004 at $75 million and was increased in April 2005 to $95 million before the latest increase was approved by the Board of Directors.

As before, the majority of the increased capital expenditures will be concentrated on development of the Company's acreage in the Cotton Valley Trend of East Texas and Northwest Louisiana, including the initial phase of development activity on the Company's recently announced acquisition of acreage on its Cotton and Cotton South prospects in Nacogdoches and Angelina Counties, Texas. With the completion of a $53 million public equity offering in May 2005, the Company expects to finance its remaining 2005 capital expenditures through a combination of cash flow from operations and bank borrowings under its existing senior credit facility.