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Goodrich Petroleum Announces 2013 Capital Expenditure Budget, Guidance And Operational Update

We exited 2012 with $95 million outstanding under our senior credit facility, down from $99 million outstanding at the end of the third quarter providing us with liquidity of approximately $115 million as we enter 2013.  Assuming no changes in our bank group's commodity price assumptions, our continued crude oil production growth should provide incremental improvement in the amount of our borrowing base during 2013.

While we are certainly disappointed that we were not able to repair the parted casing on the Denkmann 33H-1 in the TMS, we are currently working on plans to sidetrack around the obstruction and re-drill the lateral portion of the well.  In addition, we are pleased with the drilling of the lateral in the Crosby 12H-1 well, have set and cemented production casing, and are anticipating completion results in the coming weeks in addition to our two non-operated Ash wells.  We also expect a number of additional completions and data points in the next couple of months which we believe will incrementally assist in demonstrating the economic viability of this emerging oil play."


In this press release, the Company refers to several non-GAAP financial measures, including Adjusted EBITDAX, DCF and drilling and completion capital expenditures.  Management believes Adjusted EBITDAX and Discretionary cash flow are good financial indicators of the Company's ability to internally generate operating funds, while drilling and completion capital expenditures are a useful measure of the Company's annual drilling expenditures.  Neither discretionary cash flow, nor Adjusted EBITDAX, should be considered an alternative to net cash provided by operating activities, as defined by GAAP.  Nor should drilling and completion capital expenditures be considered an alternative to costs incurred in oil and gas property acquisition, exploration, and development activities, as defined by GAAP.  Management believes that all of these non-GAAP financial measures provide useful information to investors because they are monitored and used by Company management and widely used by professional research analysts in the valuation and investment recommendations of companies within the oil and gas exploration and production industry. 

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