Goodrich Makes Discovery on Valderama Dos Prospect

Goodrich Petroleum has made a new discovery on its Valderama Dos prospect at Lafitte field in Jefferson Parish, Louisiana.

The S.L. 17263 No. 2 well was drilled and logged to a total depth of 10,104 feet and encountered 36 feet of net pay in the 8700' and 8700' Lower sands. The well, in which the Company owns a 49% working interest, is expected to be online within approximately 45 days. Additional information will be released upon commencement of production.

This is the third successful well out of four drilled since the first of the year in Lafitte. The Company has previously announced a preliminary capital expenditure budget of $20 million for 2003, for the drilling of up to 15 wells and 4 workovers. The majority of the drilling and workover activity will be in the Company's Burrwood, West Delta 83 and Lafitte fields.