Goodrich Petroleum Corporation is an independent oil and gas company engaged in the exploration, exploitation, development and production of oil and natural gas properties primarily in the Cotton Valley trend of East Texas and Northwest Louisiana. As of December 31, 2008, the Company owned working interests in 414 active oil and gas wells located in thirty fields in six states. At December 31, 2008, Goodrich had estimated proved reserves of approximately 390.4 billion cubic feet (Bcf) of natural gas and 1.9 million barrels (MMBbls) of oil and condensate, or an aggregate of 402.3 billion cubic feet equivalent (Bcfe). In 2008, the Company drilled and completed 126 gross wells. In June 2008, Goodrich and Chesapeake Energy Corporation announced that they have entered into a joint venture to develop Goodrich’s Haynesville Shale acreage in the Bethany-Longstreet and Longwood fields of Caddo and DeSoto Parishes, Louisiana. On May 28, 2008, the Company acquired additional interests in the Cotton Valley trend.
Cotton Valley Trend and Haynesville Shale
As of December 31, 2008, almost all of the Company’s proved oil and gas reserves were in the Cotton Valley trend of East Texas and Northwest Louisiana. As of December 31, 2008, the Company had acquired or farmed-in leases totaling approximately 203,300 gross (127,200 net) acres and are continually attempting to acquire additional acreage in the area. Company-operated acreage comprised 150,900 gross acres (with an average working interest of approximately 91%) and non-operated acreage comprised 52,400 gross acres (with an average working interest of approximately 37%). As of December 31, 2008, had drilled and completed 126 Cotton Valley trend wells, including 19 Haynesville Shale wells with a success rate in excess of 98%. The Company’s Cotton Valley trend and Haynesville Shale drilling activities are located in six primary leasehold areas in East Texas and Northwest Louisiana.
As of December 31, 2007, the Company maintained ownership interests in acreage and/or wells in several additional fields. These include the Midway field, located in San Patricio County, Texas; the Mott Slough field, located in Wharton County, Texas, and the Garfield Unit, located in Kalkaska County, Michigan.