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Actionable news in GDP: GOODRICH PETROLEUM Corp,

Goodrich Petroleum: 801 Louisiana, Suite 700

The following excerpt is from the company's SEC filing.

Houston, Texas 77002

Phone (713) 780-9494

Fax (713) 780-9254

Contact:

Robert C. Turnham, President

Traded: NYSE (GDP)

Joe Leary, Interim-CFO

FOR IMMEDIATE RELEASE

GOODRICH PETROLEUM ANNOUNCES PREFERRED STOCK EXCHANGE OFFERS

HOUSTON, November 6, 2015 /PRNewswire/ Goodrich Petroleum Corporation (NYSE: GDP) (the Company) today announced that it has commenced an offer to exchange depositary shares of the Companys newly created 10.00% Series E Cumulative Convertible Preferred Stock (the Series E Preferred Stock) for:

any and all issued an d outstanding shares of the Companys 5.375% Series B Cumulative Convertible Preferred Stock (Series B Preferred Stock),

up to 2,390,000 depositary shares, which represents 54% of the Companys outstanding 10.00% Series C Cumulative Preferred Stock (Series C Preferred Stock),

and up to 2,390,000 depositary shares, which represents 46% of the Companys outstanding 9.75% Series D Cumulative Preferred Stock (Series D Preferred Stock and, together with the Series B Preferred Stock and the Series C Preferred Stock, the Existing Preferred Stock).

A depositary share represents 1/1000

interest in a share.

Upon the terms and subject to the conditions of the Exchange Offers, the holders of the Existing Preferred Stock will receive the following:

1.20 depositary shares of Series E Preferred Stock for each 1 share of Series B Preferred Stock;

1 depositary share of Series E Preferred Stock for each 1 depositary share of Series C Preferred Stock; and

1 depositary share of Series E Preferred Stock for each 1 depositary share of Series D Preferred Stock.

The higher Exchange Ratio applicable to the Series B Preferred Stock reflects the current trading price and the higher liquidation preference for the Series B Preferred Stock relative to the current trading price and lower liquidation preference of the Series C Preferred Stock and Series D Preferred Stock. Each Exchange Offer with respect to a series of the Existing Preferred Stock is not conditioned upon the other Exchange Offers.

The Series E Preferred Stock carries a liquidation preference of $10.00 per share. Holders of the Series E Preferred Stock have the right to convert their shares into shares of the...


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