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GDP Goodrich Petroleum (GDP -4%) plunges after reporting much larger than expected Q1 loss and revenue that also lagged analyst expectations.
GDP also reduced its FY 2018 production guidance to a new range of 65M-75M cfe/day vs. its previous outlook of 77M-83M cfe/day, citing completion delays, but maintains its 2018 exit rate forecast of 100K cfe/day
Q1 production averaged ~37K cfe/day vs. 26K cfe/day in the prior-year period, with natural gas outlook totaling 3B cf (89% of total production) vs. 1.8B cf (79% of total production) during the same quarter in 2017, helped by three operated Haynesville Shale Trend wells completed late in the quarter.
GDP also Q2 production so far has averaged 47K cfe/day (92% natural gas) prior to production additions from the Cason-Dickson wells, which the company expects will increase output to more than 70K cfe/day.
HOUSTON, Aug. 11, 2017 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE American: GDP) (the "Company") today announced that the Company's management team will be presenting at EnerCom's Oil & Gas Conference 22 at the Westin Denver Downtown, located at 1672 Lawrence Street, Denver, CO on Monday, August 14th at 1:30 pm MST. The presentation will be webcast through the following link: http://www.theoilandgasconference.com/togc-webcast/gdp/.
The management team will also be participating in one-on-one meetings during the Heikkinen Energy Conference at the St. Regis Hotel, located at 1919 Briar Oaks Lane in Houston, Texas on Wednesday, August 23rd from 1:00 pm – 5:00 pm CST.
A copy of the latest corporate presentation will be available on the Company's website at www.goodrichpetroleum.com.
Goodrich Petroleum is an independent oil and natural gas exploration and production company listed on the NYSE American under the symbol "GDP".
Conference call on Friday, August 4, 2017 at 10:00 am central time to discuss second quarter 2017 financial results and an operational update.
To access the conference call, domestic participants should dial as follows:
PARTICIPANT DIAL IN (TOLL FREE): 1-888-317-6003
PARTICIPANT INTERNATIONAL DIAL IN: 1-412-317-6061
Canada Toll Free 1-866-284-3684
Participant Elite Entry Number: 6150529
Participants will need this Elite Entry number in order to join the conference. The Company encourages participants to dial in 10-15 minutes early to join the conference. The Company will also post a slide deck on its second quarter financial and operational results on its website at www.goodrichpetroleum.com.
Participants may also access the live audio webcast of the conference call through the following web link: https://www.webcaster4.com/Webcast/Page/937/21607 or by accessing the webcast through the investor relations section of the Company's website.
A telephonic replay of the conference call will be available approximately one hour after the end of the conference call. Domestic participants accessing the telephonic replay should dial (877) 344-7529 and international participants should dial (412) 317-0088. The replay access code will be 10109459.
GOODRICH PETROLEUM CORP Reported by COLEMAN RONALD F FORM 4 (Statement of Changes in Beneficial Ownership) Filed 07/11/17 for the Period Ending 07/07/17
Goodrich Petroleum Announces Conference Call to Discuss Second Quarter 2017 Financial Results and Operational Update
HOUSTON, June 22, 2017 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE MKT: GDP) (the "Company") today announced that it will hold a conference call on Friday, August 4, 2017 at 10:00 am central time to discuss second quarter 2017 financial results and an operational update.
To access the conference call, domestic participants should dial as follows:
PARTICIPANT DIAL IN (TOLL FREE): 1-888-317-6003
PARTICIPANT INTERNATIONAL DIAL IN: 1-412-317-6061
Canada Toll Free 1-866-284-3684
Participant Elite Entry Number: 6150529
Participants will need this Elite Entry number in order to join the conference. The Company encourages participants to dial in 10-15 minutes early to join the conference. The Company will also post a slide deck on its second quarter financial and operational results on its website at www.goodrichpetroleum.com.
Participants may also access the live audio webcast of the conference call through the following web link: https://www.webcaster4.com/Webcast/Page/937/21607 or by accessing the webcast through the investor relations section of the Company's website.
A telephonic replay of the conference call will be available approximately one hour after the end of the conference call. Domestic participants accessing the telephonic replay should dial (877) 344-7529 and international participants should dial (412) 317-0088. The replay access code will be 10109459.
Goodrich Petroleum Announces Haynesville Shale Well Result, Operational Update And Increased Guidance
HOUSTON, June 14, 2017 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE Market: GDP) announces the completion of its Wurtsbaugh 25&24 No. 1 (69% WI, 50% NRI) well in the Bethany-Longstreet field in DeSoto Parish, Louisiana. The well, which was fracked with approximately 4,000 pounds of proppant per foot, has achieved a 24-hour peak rate to date of 31,000 Mcf per day from approximately 9,000 feet of lateral.
The Company is expected to spud its next well, the Franks 25&24 No. 1 (estimated 69% WI, 50% NRI) the middle of July, with a planned lateral of approximately 10,000 feet, and plans to drill and complete two additional long lateral wells following the Franks 25&24 No. 1 later in the year.
The Company also announces that it has leased approximately 600 net acres adjacent to its existing acreage in Red River Parish, Louisiana, which combined with its existing leasehold, will allow for five 10,000 foot laterals and one additional 4,600 foot lateral. The Company will earn this acreage through the drilling and completion of wells, with no upfront cash consideration. The Company now owns rights to approximately 26,000 net acres in the Haynesville.
Current production for the Company is approximately 50,000 Mcfe per day (up from 26,000 Mcfe per day average in the first quarter) and the Company has increased its fourth quarter of 2017 guidance to an average of 55,000 – 60,000 Mcfe per day.
OTHER INFORMATION
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. Initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels.
Goodrich Petroleum is an independent oil and gas exploration and production company with the majority of its properties in Louisiana, Mississippi and Texas. The Company currently trades under the symbol GDP on the NYSE Market.
Goodrich Petroleum Announces Haynesville Shale Well Result, Acreage Acquisition, Acreage Swap And Operational Update
May 31, 2017
HOUSTON, May 31, 2017 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE Market: GDP) announces completion results on its Wurtsbaugh 26 No. 1 (74% WI, 53% NRI) well in the Bethany-Longstreet field in DeSoto Parish, Louisiana. The well has achieved a 24-hour peak rate to date of approximately 22 million cubic feet per day from approximately 4,500 feet of lateral.
The Company has finished fracking its Wurtsbaugh 25-24 No. 1 (69% WI, 50% NRI) well, which is a 9,000 foot lateral, and expects flowback to commence soon.
The Company also announces that it has entered into an agreement to acquire up to 2,200 net acres adjacent to its existing acreage in the core of the Haynesville Shale play in DeSoto Parish, Louisiana. The Company will earn this acreage through the drilling and completion of wells, with no upfront cash consideration. The Company now owns rights to approximately 25,000 net acres in the Haynesville.
The Company has also entered into a swap on a portion of its undeveloped acreage in the Bethany-Longstreet field with another operator. The acreage swap will allow the Company to (i) add 22.0 Bcf of proved reserves, based on the Company's year-end reserve report; (ii) add to its operated footprint which carries a lower transportation expense; (iii) add to its inventory of extended lateral well locations; and (iv) provide for better planning and control over capital expenditures.
OTHER INFORMATION
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. Initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels.
Goodrich Petroleum is an independent oil and gas exploration and production company with the majority of its properties in Louisiana, Mississippi and Texas. The Company currently trades under the symbol GDP on the NYSE Market.
HOUSTON, May 9, 2017 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE MKT: GDP) (the "Company") today announced financial results and an operational update for the first quarter ended March 31, 2017.
FINANCIAL RESULTS SUMMARY
Revenues for the quarter totaled $9.4 million and Adjusted Revenues, when adding in net cash received in settlement of derivatives, was $9.6 million, with 56% of our oil and gas revenue attributable to natural gas.
Production for the quarter totaled 2.3 Bcfe, with average daily production of approximately 26,000 Mcfe per day (79% natural gas). Current production is approximately 29,000 Mcfe per day (80% natural gas), and with the completion of two operated Haynesville Shale wells over the next 30 days in which the Company owns a net revenue interest in excess of 50%, the Company expects natural gas production volumes to grow significantly by the end of June when the new wells have reached peak rate.
Capital expenditures totaled $6.2 million in the quarter, of which $6.0 million was spent on drilling and completion costs and $0.2 million on facilities, capital workovers and other expenditures. The Company's capital expenditure budget for 2017 is expected to range between $40 - 50 million. We plan to focus all of our 2017 drilling efforts in the Haynesville Shale Trend.
Balance sheet for the Company as it exited the quarter had $38 million of cash and $59 million of funded debt....
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS TO BE HELD MAY 23, 2017
To Our Stockholders:
Notice is hereby given that the 2017 Annual Meeting of the Stockholders of Goodrich Petroleum Corporation, a Delaware corporation, will be held at The Coronado Club, located at 919 Milam, Suite 500, Houston, Texas, 77010, on May 23, 2017, at 11:00 a.m. local time (the “Annual Meeting”).
At the Annual Meeting, stockholders will be asked to: 1. Elect two Class I directors to our Board of Directors; 2. Ratify the selection of Hein & Associates LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2017; 3. Approve, on an advisory basis, the compensation of our Named Executive Officers as described in “Compensation Discussion and Analysis”; and 4. Transact such other business as may properly come before such meeting.
Only stockholders of record at the close of business on April 7, 2017 are entitled to notice of and to vote at the Annual Meeting. For specific voting information, see “General Information about the Annual Meeting” beginning on page 1 of the enclosed proxy statement. A list of stockholders will be available commencing May 12, 2017 and may be inspected at our offices during normal business hours prior to the Annual Meeting. The list of stockholders will also be available for review at the Annual Meeting. In the event there are not sufficient votes for a quorum or to approve the items of business at the time of the Annual Meeting, the Annual Meeting may be adjourned in order to permit further solicitation of proxies.
Whether or not you attend the Annual Meeting, it is important that your shares be represented and voted at the meeting. Therefore, I urge you to promptly vote and submit your proxy. You may vote by telephone, Internet or mail. To vote by telephone, call 1-800-PROXIES (1-800-776-9437) using a touch-tone phone to transmit your voting instructions up until 11:59 p.m. (EDT) the day before the Annual Meeting date. Have your proxy card in hand when you call and then follow the instructions. To vote electronically, access www.voteproxy.com over the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59 p.m. (EDT) the day before the Annual Meeting date. Have your proxy card in hand when you access the website and follow the instructions to obtain your records and to create an electronic voting instruction form. You may vote by mail by signing, dating and returning the enclosed proxy card in the enclosed envelope. If you decide to attend the Annual Meeting, you will be able to vote in person, even if you have previously submitted your proxy.
Goodrich Petroleum Announces Conference Call to Discuss First Quarter 2017 Financial Results and Operational Update
HOUSTON, April 11, 2017 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE MKT: GDP) (the "Company") today announced that it will hold a conference call on Tuesday, May 9, 2017 at 10:00 am central time to discuss first quarter 2017 financial results and an operational update. The Company plans to issue its first quarter earnings release before the market opens on Tuesday, May 9, 2017.
To access the conference call, domestic participants should dial as follows:
PARTICIPANT DIAL IN (TOLL FREE): 1-888-317-6003
PARTICIPANT INTERNATIONAL DIAL IN: 1-412-317-6061
Canada Elite Entry TF 1-866-284-3684
Participant Elite Entry Number: 2797447
Participants will need this Elite Entry number in order to join the conference. The Company encourages participants to dial in 10-15 minutes early to join the conference. The Company will also post a slide deck on its first quarter financial and operational results on its website at www.goodrichpetroleum.com.
Participants may also access the live audio webcast of the conference call through the following web link: https://www.webcaster4.com/Webcast/Page/937/20662 or by accessing the webcast through the investor relations section of the Company's website.
A telephonic replay of the conference call will be available approximately one hour after the end of the conference call. Domestic participants accessing the telephonic replay should dial (877) 344-7529 and international participants should dial (412) 317-0088. The replay access code will be 10105273.
Goodrich Petroleum Announces Trading On NYSE MKT To Commence On April 11, 2017
HOUSTON, April 6, 2017 /PRNewswire/ -- Goodrich Petroleum Corporation (the "Company") (OTCQX: GDPP) today announced that the Company's common stock has been approved for listing on the NYSE MKT. The Company's common stock is expected to begin trading on the NYSE MKT under the symbol "GDP" on April 11, 2017. The Company's common stock will continue to trade on the OTCQX until the close of market on April 10, 2017.
Robert C. Turnham, President of the Company, stated "Listing on NYSE MKT represents an important corporate milestone since our emergence in October 2016, and we expect the new listing will enhance trading liquidity and expand the pool of potential investors."
About Goodrich Petroleum Corporation
Goodrich Petroleum is an independent oil and gas exploration and production company headquartered in Houston, Texas. For more information, please visit the Company's website at www.goodrichpetroleum.com.
Certain statements in this news release regarding future expectations and plans for future activities may be regarded as "forward looking statements." Such forward-looking statements are subject to various risks, such as financial market conditions, changes in commodities prices and costs of drilling and completion, 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 for the year ended December 31, 2016 and other subsequent filings with the SEC. 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. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 GOODRICH PETROLEUM CORPORATION
EXPLANATORY NOTE
On April 15, 2016, Goodrich Petroleum Corporation (the “Company”) and its subsidiary Goodrich Petroleum Company, L.L.C. (the “Subsidiary,” and together with the Company, the “Debtors”) filed voluntary petitions (the “Bankruptcy Petitions” and, the cases commenced thereby, the “Chapter 11 Cases”) seeking relief under Chapter 11 of Title 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy Court”), to pursue a Chapter 11 plan of reorganization. The Company filed a motion with the Bankruptcy Court seeking joint administration of the Chapter 11 Cases under the caption In re Goodrich Petroleum Corporation, et al. (Case No. 16-31975). On August 12, 2016, the Debtors filed the proposed First Amended Joint Chapter 11 Plan of Reorganization (as amended, modified or supplemented from time to time, the “Plan”).
On August 18, 2016, the Bankruptcy Court entered an order (i) conditionally approving the Debtors’ disclosure statement, (ii) approving solicitation and notice procedures for the Plan, (iii) approving the forms of ballots and notices in connection therewith, (iv) scheduling certain dates with respect thereto, and (v) granting related relief.
On September 28, 2016, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law and Order Approving the Disclosure Statement and Confirming the Debtors’ First Amended Joint Chapter 11 Plan of Reorganization (the “Confirmation Order”), which approved and confirmed the Plan, as modified by the Confirmation Order. Copies of the Confirmation Order and the Plan were included as exhibits to the Current Report on Form 8-K filed by the Company with the U.S. Securities and Exchange Commission (“SEC”) on October 3, 2016.
On October 12, 2016 (the “Effective Date”), the Company satisfied the conditions to effectiveness set forth in the Confirmation Order and in the Plan, the Plan became effective in accordance with its terms and the Debtors emerged from the Chapter 11 cases.
In connection with the Company’s emergence from bankruptcy and pursuant to the Plan, all existing shares of old common stock of the Company were cancelled, and the Company issued, among other securities, (i) 5,757,500 shares of the Company’s new common stock, par value $0.01 (“common stock”), pro rata, to the Company’s former second lien noteholders, (ii) 117,500 shares of common stock, pro rata, to the Company’s former unsecured noteholders and former holders of general unsecured claims, (iii) 1,000,000 warrants (the “UCC Warrants”), pro rata, to the Company’s former unsecured noteholders and holders of general unsecured claims and (iv) 2,499,999 warrants (the “Warrants”), pro rata, to the purchasers of the Company’s $40.0 million in aggregate principal amount of 13.50% Convertible Second Lien Senior Secured Notes due 2019 issued pursuant to the Plan (the “Convertible Notes”). The Indenture governing the Convertible Notes (the “Indenture”), dated as of the Effective Date, among the Company, as issuer, the Subsidiary, as subsidiary guarantor, and Wilmington Trust, National Association, as trustee and collateral agent (the “Trustee”) also permits and, in certain cases, requires the Company to issue additional 13.50% Second Lien Senior Secured Notes due 2019 in the future as payment in kind interest on the outstanding Convertible Notes (the “PIK Notes” and, together with the Convertible Notes, the “Notes”). The PIK Notes are not convertible into shares of common stock.
The Confirmation Order and Plan provide for the exemption of the offer and sale of the shares of common stock of the Company and the UCC Warrants (including shares of common stock issuable upon the exercise thereof) from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 1145(a)(1) of the Bankruptcy Code. Section 1145(a)(1) of the Bankruptcy Code exempts the offer and sale of securities under the Plan from registration under Section 5 of the Securities Act and state laws if certain requirements are satisfied. Additionally, the Notes were issued and sold to the Purchasers (defined below) pursuant to the Section 4(a)(2) exemption from the registration requirements of the Securities Act.
On the Effective Date, the Company entered into a registration rights agreement (relating to the Warrants) (the “Warrant Registration Rights Agreement”), pursuant to which the Company agreed to file with the SEC within 120 days following the Effective Date, a shelf registration statement for the offer and resale of the
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common stock and Warrants held by certain holders that duly request inclusion in such registration statement within 45 days of the Effective Date. The holders have customary demand, underwritten offering and piggyback registration rights, subject to the limitations set forth in the Warrant Registration Rights Agreement. Under their underwritten offering registration rights, the holders may request to sell all or any portion of their Warrants, including the shares of common stock issuable upon exercise of the Warrants, in an underwritten offering that is registered, subject to certain restrictions. The Warrant Registration Rights Agreement contains other customary terms and conditions, including, without limitation, provisions with respect to blackout periods and indemnification.
Additionally, on the Effective Date, the Company entered into a registration rights agreement (relating to the Notes) (the “Notes Registration Rights Agreement”) with the Purchasers, pursuant to which the Company agreed to file with the Commission within 120 days following the Effective Date, a shelf registration statement for the offer and resale of the Notes held by certain holders that duly request inclusion in such registration statement within 45 days of the Effective Date. The holders have customary demand, underwritten offering and piggyback registration rights, subject to the limitations set forth in the Notes Registration Rights Agreement. Under their underwritten offering registration rights, the holders may request to sell all or any portion of their Notes, including the shares of common stock issuable upon conversion of the Convertible Notes, in an underwritten offering that is registered, subject to certain restrictions. The Notes Registration Rights Agreement contains other customary terms and conditions, including, without limitation, provisions with respect to blackout periods and indemnification.
Subsequent to the Company’s emergence from bankruptcy, on December 19, 2016, the Company entered into a Common Stock Subscription Agreement (the “Subscription Agreement”) with each of the purchasers listed on Schedule A thereto (the “PIPE Purchasers”) pursuant to which the PIPE Purchasers agreed to purchase 2,272,727 shares of the Company’s common stock (the “Shares”), at a price of $11.00 per share (the “Private Placement”). The issuance of the Shares pursuant to the Subscription Agreement was made in reliance upon an exemption from registration provided under Section 4(a)(2) of the Securities Act of 1933. The Private Placement resulted in approximately $25 million of gross proceeds and approximately $23.5 million of net proceeds (after deducting placement agent commissions and the Company’s estimated expenses).
In connection with the closing of the Private Placement, the Company and the PIPE Purchasers entered into a certain Registration Rights Agreement (the “PIPE Registration Rights Agreement”), dated December 22, 2016 (the “Closing Date”). Under the PIPE Registration Rights Agreement, the Company agreed, among other things, to use its reasonable best efforts to file a Registration Statement on Form S-1 (or any equivalent successor form) with the Securities and Exchange Commission no later than 90 days following the Closing Date.
Goodrich Petroleum to Present on Investor Call and at Upcoming Conferences
PR Newswire
HOUSTON, March 20, 2017
HOUSTON, March 20, 2017 /PRNewswire/ -- Goodrich Petroleum Corporation (OTCQX Markets: GDPP) (the "Company") today announced that the Company's management team will participate in a call with Coker Palmer at 10:00 a.m. CDT on Tuesday, March 21. The dial-in credentials to listen to the call are 1-877-876-9177 reference the "Goodrich Coker Palmer Management Call."
The management team will be participating in 1x1 meetings during the Scotia Howard Weil Energy Conference at the Roosevelt Hotel located at 130 Roosevelt Way in New Orleans, Louisiana, March 27-28.
On Monday, April 3rd, the management team will be presenting at IPAA's 23rd OGIS Conference at 2:35 pm EST at The Sheraton New York Hotel & Towers, 811 7th Avenue, New York, New York. A webcast link to the presentation can be found at http://www.investorcalendar.com/event/175713.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 14, 2017, Eugene I. Davis, a director of Goodrich Petroleum Corporation (the “Company”), notified the Company of his intention to resign from his position on the Board of Directors (the “Board”) of the Company, effective as of March 14, 2017. Mr. Davis’ resignation from the Board was not the result of any disagreement with the Company or its management on any matter relating to the Company’s operations, policies or practices.
Under the Company’s Second Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), the holders (the “Warrant Holders”) of a majority of the Company’s outstanding warrants issued pursuant to the Company’s First Amended Joint Plan of Reorganization (the “Plan”) to the New 2L Notes Purchasers (as such term is defined in the Plan) pursuant to that certain Warrant Agreement, dated as of October 12, 2016, by and between the Company and American Stock Transfer & Trust Company, LLC, are entitled to designate two nominees to serve as the Class I directors on the Board and to fill any vacancy created by the resignation of a Class I director so long as the Warrant Holders are entitled to designate director nominees under the Certificate of Incorporation as of the date of such replacement designation. In accordance with the Certificate of Incorporation, the Warrant Holders have designated Steven J. Pully to replace Mr. Davis as a Class I director and the Board has appointed Mr. Pully effective March 15, 2017. Mr. Pully will also serve as a member of the Audit Committee.
Mr. Pully provides consulting and investment banking services for companies and investors focused on the oil and gas sector. From 2008 until 2014, Mr. Pully served as General Counsel and a Partner of the investment firm Carlson Capital, L.P. Mr. Pully was also previously a Senior Managing Director at Bear Stearns and a Managing Director at Bank of America Securities focused on energy investment banking. Mr. Pully is on three other public company boards, Energy XXI, Bellatrix Exploration and VAALCO Energy and has also served on numerous other boards of public and private companies in the oil and gas and other industries, including as a director of EPL Oil & Gas within the past five years. Mr. Pully is a Chartered Financial Analyst, a Certified Public Accountant in the State of Texas and a member of the State Bar of Texas. Mr. Pully earned his undergraduate degree in Accounting from Georgetown University and is also a graduate of The University of Texas School of Law.
HOUSTON, March 1, 2017 /PRNewswire/ -- Goodrich Petroleum Corporation (OTCQX: GDPP) (the "Company") today announced year-end 2016 financial results and an operational update.
RESERVES
Proved reserves at year-end under SEC pricing grew to 302.9 Bcfe (94% natural gas and 85% undeveloped) from 54.9 Bcfe (58% natural gas and 100% developed) at year-end 2015, driven by proved undeveloped reserve ("PUD") additions in the Haynesville Shale.
Year-end proved reserves at different pricing scenarios are as follows:
PRICING SCENARIOS RESERVES PV10 SEC ($2.48/Mmbtu & $42.75/Bbl) 302.9 Bcfe $57.1 Million $3.00/Mmbtu & $55.00/Bbl 339.8 Bcfe $180.0 Million $3.50/Mmbtu & $55.00/Bbl 347.5 Bcfe $261.2 Million
The Company expects to develop its proved undeveloped reserves over five years under its existing capital structure, subject to market conditions.
CAPITALIZATION
The Company exited the year with $37 million of cash and $58 million in principal debt, or $21 million of net debt.
OPERATIONAL UPDATE (HAYNESVILLE)
The Company has previously announced a combined initial production rate of 72,000 Mcf per day on two 10,000 foot lateral Haynesville wells in Caddo Parish, Louisiana. The ROTC 1H well was completed with 5,200 lbs of proppant per foot with an initial production rate of 40,000 Mcf per day. To date, the wells have produced approximately 4.0 Bcf in a little over two months, or approximately 61,000 Mcf/day, and are currently producing at a combined rate of approximately 61,400 Mcf per day. The wells, in which the Company owns a 17.4% working interest, are producing above the Company's internal high case curve of 2.5 Bcf per 1,000 feet of lateral.
The Company is running one operated rig that is currently drilling its Wurtsbaugh 26H-1 (74% WI) well in DeSoto Parish, Louisiana, a 4,600 foot lateral with a planned completion design of 4-5,000 lbs of proppant per foot. Once finished, the Company is moving the rig to drill its Wurtsbaugh 25-24H-2 (estimated WI of 75-80%) well in DeSoto Parish, with a planned 10,000 foot lateral.
THE FOLLOWING FINANCIAL INFORMATION IS BEING RELEASED PURSUANT TO FRESH START ACCOUNTING AND THE COMPANY'S TRANSITION TO FULL COST METHOD OF ACCOUNTING, WHICH INCLUDES THE PREDECESSOR COMPANY FROM JANUARY 1, 2016 – OCTOBER 12, 2016 ("Predecessor Company period") AND THE SUCCESSOR COMPANY FROM OCTOBER 13, 2016 - DECEMBER 31, 2016 ("Successor Company period").
CAPITAL EXPENDITURES
Capital expenditures for the Successor Company period were $4.3 million, with $4.2 million spent on drilling and completion costs and $0.1 million on leasehold and other expenditures. For the Predecessor Company period, capital expenditures totaled $2.0 million, with $1.5 million spent on drilling and completion costs, $0.5 million on leasehold and $0.1 million on facilities, capital workovers and other expenditures.
The Company is updating its preliminary 2017 capital expenditure budget to $40-50 million to account for more operated activity with higher anticipated working interests. Current plans have the Company drilling 9-13 gross (3-5 net) wells in 2017.
PRODUCTION
Production totaled approximately 1.72 Bcfe (70% natural gas) for the Successor Company period, or an average of 21,538 Mcfe per day. Current production is approximately 39% higher at 30,000 Mcfe (80% natural gas) per day, with the increase primarily driven by recent Haynesville completions. Production for the Predecessor Company period was 6.69 Bcfe (65% natural gas).
Subject to market conditions, natural gas production for the year is expected to grow by more than 100% over the prior year period, with most of the Company's capital expenditure budget dedicated to drilling long lateral, high proppant Haynesville wells.
REVENUES
Revenues for the Successor Company period totaled $6.6 million, from an average realized price of $3.79 per Mcfe ($1.94/Mcf and $47.84/Bbl). Revenues for the Predecessor Company period were $20.7 million from an average realized price of $3.14/Mcfe ($1.34/Mcf and $39.20/Bbl).
OPERATING EXPENSES
Lease operating expense ("LOE") was $2.1 million ($1.22/Mcfe) for the Successor Company period. LOE for the Successor Company period included $0.4 million ($0.23/Mcfe) of workover expenses. Net of workovers, LOE for the Successor Company period equated to $0.99/Mcfe and the Company expects per unit LOE to trend down as new Haynesville wells are added at significantly lower per unit costs. LOE for the Predecessor Company period was $6.5 million ($0.97/Mcfe), which included $0.8 million ($0.12/Mcfe) for workover expenses.
Production and other taxes were $0.6 million ($0.36/Mcfe) in the Successor Company period. For the Predecessor Company period, Production and other taxes totaled $1.9 million ($0.29/Mcfe). Per unit Production and other taxes is expected to decrease over time as the Company executes on its Haynesville-directed capital expenditure budget, which wells carry severance tax abatement until the earlier of payout or two years.
Transportation and processing expense was $0.2 million ($0.13/Mcfe) in the Successor Company period. Transportation and processing expense for the Predecessor Company period totaled $1.3 million ($0.19/Mcfe).
Depreciation, depletion and amortization ("DD&A") expense was $1.6 million ($0.90/Mcfe) in the Successor Company period. DD&A expense for the Predecessor Company period was $8.3 million ($1.24/Mcfe).
Impairment expense was $2.5 million ($1.44/Mcfe) for the Successor Company period. Impairment expense for the Predecessor Company period was $1.6 million ($0.24/Mcfe).
Exploration expense was capitalized in the Successor Company period due to full cost accounting. Exploration expense for the Predecessor Company period was $0.6 million ($0.09/Mcfe).
General and Administrative ("G&A") expense was $2.2 million ($1.28/Mcfe) in the Successor Company period. Cash G&A expense for the Successor Company period was $2.0 million ($1.14/Mcfe) after deducting non-cash, stock based compensation of $0.2 million ($0.14/Mcfe). G&A expense for the Predecessor Company period was $14.5 million ($2.16/Mcfe). Cash G&A for the Predecessor Company period was $11.2 million ($1.67/Mcfe) after deducting $3.3 million ($0.49/Mcfe) of non-cash, stock based compensation. Per unit G&A expense will continue to decline as production volumes grow over the year.
Gain on Sale of assets was $2,000 for the Successor Company period. Gain on sale of assets was $0.8 million for the Predecessor Company period.
OPERATING INCOME (LOSS)
Operating income, defined as revenues minus operating expenses, totaled a loss of $2.6 million in the Successor Company period, which was negatively impacted by impairment expense of $2.5 million. Operating income for the Predecessor Company period was a loss of $13.1 million, which was negatively impacted by impairment expense of $1.6 million.
INTEREST EXPENSE
Interest expense totaled $1.8 million in the Successor Company period. Of this interest expense, $1.5 million was non-cash associated with the Company's election to pay in kind (additional notes) for its second lien notes. Interest expense for the Predecessor Company period totaled $11.4 million.
NET INCOME
The Company announced net loss applicable to common stock of $4.3 million in the Successor Company period. Net income applicable to common stock for the Predecessor Company period was $358.7 million, primarily due to a net gain of $399.4 million associated with the Company's reorganization.
CRUDE OIL AND NATURAL GAS DERIVATIVES
The Company did not have any of its natural gas and oil production hedged in the Successor Company period, but has since added a costless collar for calendar year 2017 for 12,000 Mcf per day at $3.00 - $3.60 per Mcf.
OTHER INFORMATION
In this press release, the Company refers to several non-US GAAP financial measures, including Adjusted EBITDAX, DCF, Adjusted revenues, Adjusted operating income (loss), Adjusted net loss applicable to common stock and Cash operating margin. Management believes Adjusted EBITDAX, DCF, Adjusted Revenues, Adjusted operating income (loss), Adjusted net loss applicable to common stock and Cash operating margin are good financial indicators of the Company's performance and ability to internally generate operating funds. Neither DCF nor Cash operating margin, should be considered an alternative to net cash provided by operating activities, as defined by US GAAP. Adjusted revenues should not be considered an alternative to total revenues, as defined by US GAAP. Adjusted operating income (loss) should not be considered an alternative to operating income (loss), as defined by US GAAP. Adjusted net loss applicable to common stock and Adjusted EBITDAX should not be considered an alternative to net loss applicable to common stock, as defined by US GAAP. Management believes that all of these non- US 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.
Initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels. In particular, production from horizontal drilling in shale oil and natural gas resource plays and tight natural gas plays that are stimulated with extensive pressure fracturing are typically characterized by significant early declines in production rates.
Unless otherwise stated, oil production volumes include condensate.
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, changes in commodities prices and costs of drilling and completion, 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 for the year ended December 31, 2016 and other subsequent 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 natural gas exploration and production company listed on the OTCQX under the symbol GDPP.
EnerCom Dallas Presenters Will Deliver Global Energy Perspective Feb 14, 2017
EnerCom Dallas Presenters Will Deliver Global Energy Perspective
Independent energy companies developing oil & gas assets in the U.S., Canada, Latin America and Southeastern Europe will present to institutional investors in Dallas, Mar. 1-2, 2017
DENVER, CO--(Marketwired - Feb 14, 2017) - EnerCom Dallas, EnerCom's Texas-based oil and gas investment conference, will bring together a slate of upstream producers and oilfield technology innovators working in key global oil and gas jurisdictions.
Conference Dates and Location: The EnerCom Dallas oil and gas investment conference is being held at the Tower Club in downtown Dallas on March 1-2, 2017.
Conference Registration: EnerCom is open to registrations for EnerCom Dallas from the professional investment community at the conference website.
One-on-One Meetings: EnerCom is currently scheduling one-on-one meetings for buyside institutions to meet with management teams at the EnerCom Dallas conference. Registered money managers and analysts from buyside institutions may request company meetings on the conference website after logging in at the "Attendee Login" tab.
EnerCom Dallas Company Presenters include, but are not limited to:
Goodrich Petroleum (OTCQX: GDPP) - Eagle Ford, Haynesville, TMS operator Tamarack Valley Energy (TSX: TVE) - Cardium and Viking oil producer in Saskatchewan and Alberta Stage Completions (private) - technology enhanced completions -- accomplished the largest Upper Montney completion (76 stages) w/o CT assist Warren Resources (NASDAQ: WRES) - waterflood operator in L.A. basin, with core Marcellus and Rocky Mountain assets GeoPark Limited (NYSE: GPRK) - oil producer in Colombia, Chile, Argentina, Brazil, Peru; 2P reserves 143 MMBOE Manitok Energy (TSX VENTURE: MEI) - southern Alberta Lithic Glauc / Basal Quartz producer; Western Alberta Cardium assets; 7,100 BOEPD TransAtlantic Petroleum (NYSE: TAT) - developing assets in Turkey, Albania and Bulgaria Comstock Resources (NYSE: CRK) - Eagle Ford, Haynesville, TMS operator
EnerCom Dallas presenters also include: Range Resources (NYSE: RRC), Whiting Petroleum (NYSE: WLL), Core Laboratories (NYSE: CLB), Sanchez Energy (NYSE: SN), WPX Energy (NYSE: WPX) and Pioneer Natural Resources (NYSE: PXD). The two-day event features approximately 40 oil and gas producers, oilfield technology innovators, global energy economists and market strategists as presenters at this year's EnerCom Dallas oil and gas investment conference.
EnerCom Dallas Conference Schedule: A work-in-progress conference agenda of presenters and speakers may be found on the EnerCom Dallas conference website.
History and Sponsors
EnerCom, Inc., founded in 1994, is one of the oil and gas industry's most respected energy-focused management consulting and communications firms. EnerCom founded The Oil & Gas Conference® in 1996 in Denver and since then the firm has hosted more than 40 energy-focused investment conferences in Denver, San Francisco, London and Dallas. Global sponsors of EnerCom's conferences are Credit Agricole Corporate & Investment Bank; Netherland, Sewell & Associates; Preng & Associates; Hein & Associates LLP; and PLS. Sponsors of EnerCom Dallas are Wunderlich Securities; Fifth Third Bank; DNB Bank ASA; Haynes and Boone; MUFG; and CIBC....
Goodrich Petroleum Announces Conference Call to Discuss Fourth Quarter and Year-End 2016 Financial Results and Operational Update
HOUSTON, Feb. 1, 2017 /PRNewswire/ -- Goodrich Petroleum Corporation (OTCQX Markets: GDPP) (the "Company") today announced that it will hold a conference call on Tuesday, March 2, 2017 at 10:00 am Central time to discuss fourth quarter and year-end 2016 financial results and an operational update.
To access the conference call, domestic participants should dial as follows:
Participants will need this Elite Entry number in order to join the conference. The Company encourages participants to dial in 10-15 minutes early to join the conference. The Company will also post a slide deck on its year-end financials along with an operational update on its website at www.goodrichpetroleum.com
Participants may also access the live audio webcast of the conference call through the following web link: https://www.webcaster4.com/Webcast/Page/937/19526 or by accessing the webcast through the investor relations section of the Company's website.
A telephonic replay of the conference call will be available approximately one hour after the end of the conference call. Domestic participants accessing the telephonic replay should dial (877) 344-7529 and international participants should dial (412) 317-0088. The replay access code will be 10100595.
Goodrich Petroleum Announces Haynesville Shale Well Results And Operational Update
HOUSTON, Jan. 17, 2017 /PRNewswire/ -- Goodrich Petroleum Corporation (OTCQX: GDPP) today announced preliminary results on two Haynesville Shale wells in North Louisiana.
The Company has participated in two Haynesville Shale wells in Caddo Parish, Louisiana that have reached a combined 24-hour peak rate to date of approximately 72,000 Mcf per day. The Company owns a 17.4% working interest in each of the wells which came online the middle of December.
As previously announced, the Company has established a preliminary capital expenditure budget for 2017 of $40 million, which will be concentrated in the core of the Haynesville Shale play in North Louisiana. The budget, which will be monitored quarterly, contemplates 12-16 gross (3-4 net) wells for the year, with plans to commence drilling operations on its Wurtsbaugh 26-14-16 1 Alt well by early February.
The Company currently owns approximately 24,000 net acres prospective for the Haynesville Shale, with approximately 16,000 net acres in the core of North Louisiana, where it estimates 235 gross locations with an approximate 41% working interest. The Company also owns approximately 8,000 net acres in the Angelina River Trend of East Texas, where it estimates approximately 123 gross Haynesville Shale locations and 123 gross Bossier Shale locations, with an average working interest of approximately 33%.
In addition, the Company has entered into a natural gas hedge through a costless collar of $3.00 - $3.60 for 12,000 Mcf per day for calendar year 2017.
OTHER INFORMATION
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. Initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels.
Goodrich Petroleum is an independent oil and gas exploration and production company with the majority of its properties in Louisiana, Mississippi and Texas. The Company currently trades under the symbol GDPP on the OTCQX Market, with plans to uplift to a national exchange during 2017.
AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT
..." On the Effective Date, the Company entered into a registration rights agreement (the “Franklin Registration Rights Agreement”) with Franklin Advisers, Inc., as investment manager on behalf of certain funds and accounts (“Franklin”), pursuant to which the Company agreed to file with the SEC within 60 days after the Effective Date a registration statement for a shelf registration for the offer and resale of all common stock and warrants held by Franklin, on a delayed or continuous basis.
On the Effective Date, the Company also entered into a registration rights agreement (the “Warrant Registration Rights Agreement”), pursuant to which the Company agreed to file with the SEC within 120 days following the Effective Date, a shelf registration statement for the offer and resale of the common stock and warrants held by certain holders that duly request inclusion in such registration statement within 45 days of the Effective Date. The holders have customary demand, underwritten offering and piggyback registration rights, subject to the limitations set forth in the Warrant Registration Rights Agreement. Under their underwritten offering registration rights, the holders may request to sell all or any portion of their warrants, including the shares of common stock issuable upon exercise of the warrants, in an underwritten offering that is registered, subject to certain restrictions. The Warrant Registration Rights Agreement contains other customary terms and conditions, including, without limitation, provisions with respect to blackout periods and indemnification.
The consolidated financial statements and related notes incorporated by reference herein do not give effect to the Plan, including the impact of the adoption of fresh-start accounting, which was adopted upon our emergence from bankruptcy. Such adjustments will be reflected beginning October 12, 2016 in our consolidated financial statements that will be included in our Annual Report on Form 10-K for the year ending December 31, 2016"...
SEC Filing UNITED STATES SECURITIES AND EXCHANGE COMMISSION SCHEDULE 13G 12/22/2016
NAME OF REPORTING PERSON: SENATOR INVESTMENT GROUP LP
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 854,545
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): 9.98%
"Senator Investment Group LP (" Senator Investment Group ") serves as investment manager to various investment funds (collectively, the " Funds "), and as such, has investment discretion with respect to the Funds. Alexander Klabin (" Mr. Klabin ") and Douglas Silverman (" Mr. Silverman, " and together with Mr. Klabin and Senator Investment Group, the " Reporting Persons ") have control of a Delaware limited liability company that may be deemed to control Senator Investment Group."
Goodrich Petroleum Corporation Announces Private Placement Of $25 Million Of Common Stock
Dec 20, 2016
HOUSTON, Dec. 20, 2016 /PRNewswire/ -- Goodrich Petroleum Corporation (OTCQX: GDPP) ("Goodrich Petroleum" or the "Company") today announced it has entered into a private placement for shares of its common stock.
On December 19, 2016, the Company entered into an agreement to sell 2,272,727 shares of its common stock at $11.00 per share in a private placement, which, subject to delivery of certain closing documentation, is expected to result in approximately $25 million of gross proceeds and $23.50 million of net proceeds (after deducting placement agent commissions and the Company's estimated expenses). The shares were sold to selected institutional and accredited investors. Pro forma for the offering, the Company currently has in excess of $40 million of cash, $16.65 million of first lien debt and $40 million of second lien payment in kind debt.
The Company expects to use the net proceeds from the offering to fund the Company's 2017 Haynesville Shale development drilling program and for general corporate purposes, including working capital.
Johnson Rice & Company, L.L.C. acted as placement agent for the offering. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Goodrich Petroleum Corporation
Goodrich Petroleum is an independent oil and gas exploration and production company headquartered in Houston, Texas, with assets in the Haynesville Shale, Eagle Ford Shale and Tuscaloosa Marine Shale. For more information, visit the Company's website at www.goodrichpetroleum.com.
Goodrich Petroleum Corporation Announces 2017 Preliminary Capital Expenditure Budget
Dec 20, 2016
HOUSTON, Dec. 20, 2016 /PRNewswire/ -- Goodrich Petroleum Corporation (OTCQX: GDPP) ("Goodrich Petroleum" or the "Company") today announced that its Board of Directors has approved a preliminary capital expenditure budget for 2017 of $40 million, which will be concentrated in the core of the Haynesville Shale play in North Louisiana. The Company's budget, which will be monitored quarterly and subject to change, contemplates 12-16 gross (3-4 net) wells utilizing new completion techniques that are generating superior results.
About Goodrich Petroleum Corporation
Goodrich Petroleum is an independent oil and gas exploration and production company headquartered in Houston, Texas, with assets in the Haynesville Shale, Eagle Ford Shale and Tuscaloosa Marine Shale. For more information, visit the Company's website at www.goodrichpetroleum.com.
Goodrich Petroleum Corporation is an independent exploration and production company engaged in the exploitation, development and production of natural gas and crude oil primarily in the Haynesville Shale in North Louisiana and East Texas, the oil window of the Eagle Ford Shale trend in South Texas and the Tuscaloosa Marine Shale ("TMS") in Eastern Louisiana and Southwestern Mississippi. Due to the current oil price environment, we are concentrating the vast majority of our exploitation and development efforts on natural gas on our existing leased acreage in the core of the Haynesville Shale in North Louisiana. The Company owns working interests in 260 producing oil and natural gas wells located in 43 fields in eight states. At December 31, 2015, we had estimated proved reserves of approximately 273.7 Bcfe, comprised of 104.8 Bcf of natural gas, 1.0 MMBbls of NGLs and 27.1 MMBbls of crude oil and condensate. Goodrich Petroleum Corporation is publically traded and listed on the OTCQX Market under the symbol GDPP, with plans to uplift onto the NASDAQ or New York Stock Exchange at a future date.
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