Goodrich Petroleum Corp. Issues Q4 2011 Production Guidance; Reaffirms FY 2011 Production Guidance

Goodrich Petroleum Corp. announced that production is expected to average 108,000-112,000 Mcfe per day in the fourth quarter of 2011, due to an approximate 40% reduction in capital expenditures for the quarter, along with pipeline curtailment issues in the Eagle Ford Shale, which is expected to reduce volumes by approximately 5,000 Mcfe per day for the quarter. Oil production is expected to grow sequentially by 15%-25% in the fourth quarter 2011, or an average of 2,500-2,800 barrels of oil per day which would comprise approximately 13.5%-15.5% of total volumes for the quarter. For fiscal 2011 production guidance is confirmed at an average of 108,000-112,000 Mcfe per day.