HOUSTON, and SHREVEPORT, La., Aug. 15 /PRNewswire-FirstCall/ -- Goodrich Petroleum Corporation today announced that through a series of transactions it has added approximately 33,000 gross (13,000 net) acres to its inventory in the Cotton Valley Trend, bringing the total in inventory to approximately 83,000 gross (58,000 net) acres. In the largest transaction, the Company has entered into a definitive agreement to purchase a 40% non-operated interest in the Cotton Prospect covering approximately 18,000 net acres in the Cotton Valley and Travis Peak Trend of Nacogdoches County, Texas. The Company has entered into the agreement to purchase the acreage for $200 per net acre and agreed to carry the other working interest owner on its share of costs to drill two wells to test the Travis Peak and Cotton Valley formations. Goodrich will operate through the completion phase only of the initial two wells. In addition to the Cotton Valley being prospective on the acreage, there is also Travis Peak, Glen Rose/Rodessa, Pettet and Deep Bossier sand potential. The Company anticipates spudding the first well during the third quarter. The Company has also added approximately 15,000 gross (5,800 net) acres in its Panola and Rusk County areas of East Texas through a series of transactions, including: lease acquisitions, farmout agreements and acreage purchase agreements. The Company estimates its acreage cost in these transactions to be approximately $275.00 per net acre. As previously announced the Company currently has eight rigs under long-term contract and dedicated to development of its Cotton Valley Trend acreage. As of August 12, 2005, all eight rigs under contract are working for the Company in the Trend. Certain statements in this news release regarding future expectations and plans for future activities may be regarded as "forward looking statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as financial market conditions, operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Goodrich Petroleum is an independent exploration and production company listed on the New York Stock Exchange. The majority of its oil and gas properties are in Louisiana and Texas. DATASOURCE: Goodrich Petroleum Corporation CONTACT: Robert C. Turnham, President, or D. Hughes Watler, CFO, both of Goodrich Petroleum Corporation, +1-713-780-9494, fax: +1-713-780-9254 Web site: http://www.goodrichpetroleum.com/

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