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Goodrich Petroleum Announces Results To Date And 5 Day Extension Of Tender Offer Period

HOUSTON, Dec. 9, 2015 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) (the "Company") today announced results to date and that it is extending the expiration date of its previously announced tender offer to exchange depositary shares of the Company's newly created 10.00% Series E Cumulative Convertible Preferred Stock (the "Series E Preferred Stock") for any and all issued and outstanding shares of the Company's 5.375% Series B Cumulative Convertible Preferred Stock ("Series B Preferred Stock"), up to 2,390,000 depositary shares of the Company's outstanding 10.00% Series C Cumulative Preferred Stock ("Series C Preferred Stock"), and up to 2,390,000 depositary shares of the Company's 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"). The Company has amended the tender offer to extend the tender offer until 5:00 p.m., New York City time, on December 15, 2015.

Similar to the Series B Preferred Stock, the Company will apply to initially list the Series E Preferred Stock on the OTC Markets Group, Inc. and currently expects the shares to be freely tradable upon closing. The Series E Preferred Stock will be immediately eligible for conversion into common stock of the Company per the terms of the Offer to Exchange dated November 6, 2015 (the "Offer to Exchange"). The common stock of the Company received upon conversion of the Series E Preferred Stock will be listed on the NYSE and will be freely tradable.

D.F. King & Co., Inc., the exchange agent and information agent for the exchange offers, has advised the Company that as of 5:00 p.m., New York City time, on December 8, 2015, approximately 52.5% of shares of Existing Preferred Stock eligible for exchange have tendered, broken out as follows:

  • 701,492 shares of Series B Preferred Stock have been validly...

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