HOUSTON, July 8 /PRNewswire-FirstCall/ -- Goodrich Petroleum Corporation
(NYSE: GDP) announced today the pricing of its previously announced offering
of 3,000,000 shares of its common stock pursuant to a registration statement
filed with the Securities and Exchange Commission.
All of the shares offered will be sold at a price to the public of $64.00
per share. Net proceeds from the offering, estimated at $183.9 million, will
be used to pay off the outstanding balance of its senior revolving credit
facility, with the remainder to be used for general corporate purposes,
including capital expenditures associated with its ongoing operations and
expansion of its activities in the Haynesville Shale. Such amounts paid down
under the senior revolving credit facility may be reborrowed from time to time
for general corporate purposes.
The offering, which is expected to close on July 14, 2008, is being made
under the Company's existing shelf registration statement. The Company has
also granted the underwriters a 30-day option to purchase a maximum of 450,000
additional shares of common stock from the Company to cover over-allotments.
J.P. Morgan Securities Inc. acted as sole book-running manager. In
addition, co-managers included Morgan Stanley & Co. Incorporated, Raymond
James & Associates, Inc., Deutsche Bank Securities Inc., Howard Weil
Incorporated, Jefferies & Company, Inc., Johnson Rice & Co. L.L.C., Tudor,
Pickering, Holt & Co. Securities, Inc., BMO Capital Markets Corp., Capital One
Southcoast, Inc., Tristone Capital Co., BNP Paribas Securities Corp., and
Collins Stewart LLC. Copies of the final prospectus supplement and
accompanying base prospectus may be obtained from the offices of J.P. Morgan
Securities Inc. at 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245,
Attention: Prospectus Department, e-mail: addressing.services@jpmorgan.com,
telephone: (718) 242-8002.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale of these
securities would be unlawful prior to registration or qualification under the
securities laws of any such state.
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 oil and gas exploration and
production company listed on the New York Stock Exchange. The majority of its
properties are in Louisiana and Texas.
SOURCE Goodrich Petroleum Corporation