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Goodrich Petroleum's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Turning to liquidity, we exited the second quarter with $158 million drawn on our senior credit facility, with a borrowing base of $265 million giving us unused borrowings plus cash on hand of approximately $109 million. In addition, we will deliver our mid-year reserve for a track block bank group in the near future, and expect to have a revised volume base near the end of the third quarter.

Finally, we are pleased to announce the execution of a Letter of Intent to sell our South Henderson assets for $95 million. This transaction, which is expected to close by the end of the third quarter, will further enhance our liquidity, allow us to efficiently redeploy capital from natural gas assets through the numerous oil development opportunities, in particular the early stage development of the TMS, which we are very fortunate to have in our inventory.

And with that, I would like to turn the call over to Rob Turnham.

Robert C. Turnham, Jr.

Thanks, Gil. Just to follow up on the South Henderson sale and East Texas for $95 million, we have an effective date of July 1 and an anticipated closing date of October 1. We expect definitive agreements in place in the near term. The sale of this non-core Cotton Valley asset will plug the hole in our CapEx budget for 2012 and provide additional liquidity in 2013.

Read the rest of this transcript for free on seekingalpha.com

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