- Production volumes for the quarter grew 16% sequentially and 64% over the

                prior year period to a record 67.1 MMcfe/day

          - Operating Income grew to $16.1 million for the quarter

 - Cash Flow (EBITDAX) grew by 157% from prior year period to $46.4 million

 - Lease Operating Expenses down on a per unit basis by 7% sequentially and

25% from prior year period. Total operating expenses down by $1.04 per Mcfe

                         from the prior year period

 - Record activity level with drilling operations conducted on 46 gross (36

         net) wells in second quarter 2008 with a 100% success rate

 - $365 million of capital raised since end of the second quarter increases

   liquidity and provides capital for acceleration of drilling inventory



    HOUSTON, Aug. 6 /EMWNews/ -- Goodrich Petroleum

Corporation (NYSE: GDP) today announced financial and operating results for

the quarter ended June 30, 2008.



    PRODUCTION



    Net production volumes in the second quarter increased by approximately

64% to 6.1 billion cubic feet equivalent ("Bcfe"), or an average of

approximately 67,100 Mcfe per day, versus 3.7 Bcfe, or an average of

approximately 40,800 Mcfe per day in the second quarter of 2007. Average

net daily production volumes for the second quarter increased sequentially

by approximately 16% versus the first quarter of 2008. Virtually all of net

production volumes for the quarter came from Cotton Valley trend wells in

East Texas and North Louisiana. The Company expects its Haynesville Shale

production to begin impacting volumes in the fourth quarter of 2008.



    The Company currently expects net daily production volumes will average

between 72,000 and 74,000 Mcfe per day for the third quarter of 2008, an

approximate 7.5 to 10% sequential increase over the second quarter of 2008.



    NET INCOME



    Net income applicable to common stock for the second quarter of 2008

was a loss of $39.0 million ($(1.21) per share) compared to a second

quarter 2007 loss of $4.8 million ($(0.19) per share). Results for the

second quarter of 2008 included a $48.9 million loss on derivatives not

designated as hedges (comprised of a $2.0 million realized loss and a $46.9

million non-cash, unrealized loss), whereas the comparable period in 2007

included a $3.6 million gain on derivatives not qualifying for hedge

accounting.



    CASH FLOW



    Earnings before interest, taxes, DD&A, non-cash general and

administrative expenses and exploration ("EBITDAX"), increased over 157% to

approximately $46.4 million for the second quarter, compared to $18.0

million in the same period of the prior year. EBITDAX for the quarter was

also up over 43% sequentially from the first quarter of 2008 (see the

accompanying table for a reconciliation of EBITDAX, a non-GAAP measure, to

net cash provided by operating activities).



    Discretionary cash flow, defined as net cash provided by operating

activities before changes in working capital, increased to $41.5 million in

the quarter, compared to $15.4 million in the prior year period. Net cash

provided by operating activities was $39.9 million for the quarter, up from

the prior year period's $23.0 million (see the accompanying table for a

reconciliation of discretionary cash flow, a non-GAAP measure, to net cash

provided by operating activities).



    REVENUES



    Total revenues for the second quarter increased by 133% to $65.2

million, versus $28.0 million for the same period in the prior year.

Revenues for the quarter increased by 41% sequentially over the first

quarter of 2008. Average net oil and gas prices received in the second

quarter were $10.18 per Mcf of gas and $121.51 per barrel of oil, or $10.62

per Mcfe. Total revenues and average prices received in the second quarter

do not include realized losses of $1.8 million received on the Company's

settled oil and gas derivatives, all of which were not designated as hedges

during the quarter.



    OPERATING INCOME



    Operating income, defined as revenues minus operating expenses,

improved significantly totaling $16.1 million for the quarter versus an

operating loss of $5.7 million for the prior year period and versus

operating income of $3.6 million from the first quarter of 2008. The gain

in operating income versus the prior year period resulted from a 133%

increase in revenues on higher production volumes and price realizations.



    OPERATING EXPENSES



    Operating expenses were $49.1 million during the quarter, versus $33.7

million during the prior year period. On a unit of production basis, total

operating expenses for the quarter were down over the prior year period by

$1.04 per Mcfe. Lease operating expenses (LOE) totaled $7.7 million in the

quarter, or $1.26 per Mcfe of production, versus $6.2 million, or $1.65 per

Mcfe for the prior year period. LOE per Mcfe for the quarter was down 7%

sequentially from the first quarter of 2008. The LOE rate per Mcfe for the

quarter included $0.04 per Mcfe for workover and abandonment expenses.

Excluding the impact of workover and abandonment expenses, the LOE per Mcfe

rate was $1.22 for the quarter, versus $1.17 in the first quarter of 2008.



    General and administrative (G&A) expenses were $5.9 million for the

quarter, or $0.97 per Mcfe, versus $5.5 million, or $1.48 per Mcfe, during

the prior year period. G&A expenses were down on a per unit basis over the

prior year period as the Company grew production volumes while holding

absolute G&A expenses relatively flat. Included in G&A expenses, the

Company recorded a non-cash expense related to stock based compensation for

its officers, employees and directors of $1.3 million during the quarter,

which was essentially flat from the prior year period.



    All of the individual operating expense categories on a per unit basis

were down for the quarter, with the exception of production and other

taxes, which was $2.3 million, or $0.38 per Mcfe, versus $(0.6) million, or

($0.16) per Mcfe in the prior year period, due primarily to a large volume

of tight gas sand credits being booked during the prior year period.

Overall, operating expenses dropped by $1.04 per Mcfe in the 2008 quarter

versus the prior year period.



    CAPITAL EXPENDITURES



    The Company conducted drilling or completion operations on 46 gross (36

net) wells in the quarter with a 100% success rate. Capital expenditures

for the quarter totaled $93.6 million, exclusive of the Caddo Resources

acquisition, which was a proved producing property and acreage acquisition

closed with the issuance of 908,098 shares of the Company's common stock

during the quarter, compared to $59.9 million in the second quarter of the

prior year. Of the $93.6 million in capital expenditures for the quarter,

approximately $85.6 million, or 91% of the total was associated with the

drilling and/or completion of 46 gross wells, versus $55.0 million expended

for drilling and completion of 30 gross wells during the prior year second

quarter. Additionally, approximately $6.0 million was spent on leasehold

acquisitions, and approximately $2.0 million was associated with facilities

and other costs during the second quarter of 2008.



    For the year 2008, the Company has increased its preliminary capital

expenditure budget to approximately $350.0 million from $275.0 million, of

which approximately 91%, or $320.0 million, is expected to be focused on

the drilling program in the Cotton Valley trend of East Texas and North

Louisiana, with the acceleration primarily focused on development of the

Haynesville Shale. The remainder of $30.0 million is budgeted for lease

acquisitions, gathering systems and facilities, and other capital

expenditures.



    LIQUIDITY



    The Company has consummated two transactions since the close of the

second quarter that have brought in approximately $365.0 million in cash.

The Company closed on a sale of a portion of its working interests in the

deep rights in its Bethany-Longstreet and Longwood fields of north

Louisiana to Chesapeake Energy for approximately $173.0 million in cash,

and closed on a common equity offering of 3.1 million shares, which

provided the Company with approximately $192.0 million of net proceeds. A

portion of these proceeds were used to pay off the Company's senior

revolving credit facility, with the remainder of approximately $265.0

million currently on the balance sheet as cash and marketable securities.

The Company's current borrowing base under its senior revolving credit

facility is set at $175.0 million and currently has no balance outstanding.

The borrowing base is expected to be reset in September based upon the bank

review of the Company's estimated reserves. The Company expects to finance

its capital expenditures well into 2011 through a combination of available

cash, cash flow from operations and borrowings under its senior revolving

credit facility.



    OPERATIONAL UPDATE



    The Company conducted drilling or completion operations on 46 wells

during the quarter, of which three were at Beckville, nine at Minden, 19 at

Angelina River, nine at Bethany-Longstreet, four at South Henderson and two

at Central Pine Island.



    The Company completed and added to production 37 Cotton Valley trend

wells during the second quarter, 16 of which produced for the entire

quarter. Average initial production rate for the 37 wells completed during

the quarter was approximately 2,700 Mcfe per day, versus the historical

average of 1,800 Mcfe per day. Through the end of the second quarter, the

Company had drilled and logged a total of 338 wells with a success rate of

99%. The Company acquired 25 wells through the Caddo Resources acquisition

resulting in a grand total of 363 Cotton Valley trend wells. The Company

currently has 8 operated drilling rigs and 3 non-operated rigs running.






    CORE PROPERTIES



    EAST TEXAS

    South Henderson Field, Rusk County, Texas. The Company completed three

Cotton Valley wells in the field during the quarter, with an average IP

rate of 1,800 Mcfe per day. The Company intends to keep one rig running in

the field over the remainder of 2008. The Company has 13,400 gross (10,900

net) acres in the field.



    Beckville Field, Panola and Rusk Counties, Texas. The Company completed

three wells in the Beckville Field during the quarter, with an average

initial production rate of approximately 1,500 Mcfe per day. One of the

wells completed during the quarter was the Lutheran Church No. 4, a

vertical well which encountered 200 feet of Haynesville Shale and tested at

an initial production rate of approximately 1,600 Mcfe per day. The Company

intends to commence horizontal Haynesville Shale development in the field

in the fourth quarter of 2008 and maintains one rig running full time in

the field.



    Minden Field, Panola and Rusk Counties, Texas. The Company completed

six wells in the Minden Field during the quarter, with an average initial

production rate of 1,800 Mcfe per day. The Company has since completed its

Billy Sealey No. 7, the second vertical Haynesville Shale well in the

field, which encountered 165 feet of Haynesville Shale and had an initial

production rate of approximately 2,400 Mcfe per day on a 22/64 inch choke

with 2,200 psi at 34% recovery of the frac fluids. The Company is currently

completing its T. Swiley No. 5, an additional vertical Haynesville Shale

well in the western portion of the field. The Company intends to commence

horizontal Haynesville Shale development in the field in the fourth quarter

of 2008 and maintains three rigs running full time in the field.



    Angelina River Trend, Nacogdoches and Angelina Counties, Texas. The

Company completed 15 wells in the Angelina River Trend during the quarter,

with an average initial production rate of 3,900 Mcfe per day. Of the 15

wells completed during the quarter, 13 were Travis Peak wells which had an

initial production rate of 3,700 Mcfe per day, and two were horizontal

James Lime wells, which had an initial production rate of 5,900 Mcfe per

day.



    During the quarter, the Ramos No. 1H (57% WI) was completed with a 72

hour initial production rate of 8,500 Mcfe per day. The prospect, West

Esperanza No. 1H (57% WI), was spud during the quarter and should be

completed within 30 days.



    The Company has commenced drilling operations on its Sessions No. 4H

(100% WI), the initial James Lime horizontal well on its Cotton South

Prospect acreage, and currently has one operated and three non-operated

rigs running in the trend.



    NORTH LOUISIANA



    Bethany-Longstreet Field, Caddo and DeSoto Parishes, Louisiana. The

Company completed six wells in the field in the second quarter with an

average initial production rate of approximately 1,600 Mcfe per day. The

Company anticipates spudding its initial horizontal Haynesville Shale well

in the field during the month of August, and maintains one operated rig in

the field.



    Central Pine Island Field, Caddo Parish, Louisiana. The Company is

currently completing its Hall 5 No. 1 well, the initial vertical

Haynesville Shale well drilled on the acreage which has 256 feet of

Haynesville Shale prospective. In addition, the Company purchased a 50%

interest in the Goldco - E&L Development 15 No. 1 well, a vertical

Haynesville Shale well, which has approximately 276 feet of prospective

Haynesville Shale and an initial production rate of 1,100 Mcfe per day.



    The Company has commenced operations on an additional vertical

Haynesville shale well in the field, with plans to commence horizontal

development in the first quarter of 2009.



    Longwood Field, Caddo Parish, Louisiana. The Company is scheduled to

test its initial vertical Haynesville Shale well on its Longwood acreage

within 60 days.



    Commenting on the second quarter results, W. "Gil" Goodrich, Vice

Chairman and CEO said, "We are extremely pleased with our second quarter

results. Our sequential production volume growth of 16%, and continuing

success on evaluating our acreage, has produced extremely good results for

the quarter. In particular, the production volume growth has come from our

core Cotton Valley trend objectives, prior to commencement of our

horizontal Haynesville Shale development, which is scheduled to commence

this month. We are extremely well positioned to continue to enhance the

value of our acreage position, with our bread and butter Cotton Valley,

Travis Peak and James Lime plays, along with the potential acceleration of

production volumes from our Haynesville Shale acreage. We and other

companies continue to define the area prospective for the Haynesville

Shale, which has the potential of dramatically growing our Company's

production and reserve base."



    OTHER INFORMATION



    In this press release, the Company refers to two non-GAAP financial

measures, EBITDAX and discretionary cash flow. Management believes that

each of these measures is a good financial indicator of the Company's

ability to internally generate operating funds. Management also believes

that these non-GAAP financial measures of cash flow provide useful

information to investors because they are widely used by professional

research analysts in the valuation and investment recommendations of

companies within the oil and gas exploration and production industry.

Neither discretionary cash flow nor EBITDAX should be considered an

alternative to net cash provided by operating activities, as defined by

GAAP.



    Initial production rates are subject to decline over time and should

not be regarded as reflective of sustained production levels.



    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.










                        GOODRICH PETROLEUM CORPORATION

                             SELECTED INCOME DATA

                   (In Thousands, Except Per Share Amounts)



                                         Three Months Ended Six Months Ended

                                              June 30,           June 30,

                                            2008     2007     2008      2007



      Total Revenues                      $65,173  $28,006  $111,526  $51,548



      Operating Expenses

          Lease operating expense           7,669   $6,150    14,766  $10,285

          Production and other taxes        2,334     (590)    3,589     (296)

          Transportation                    2,386    1,440     4,256    2,515

          Depreciation, depletion and

           amortization                    29,033   19,461    54,118   37,169

          Exploration                       1,776    1,767     3,779    4,093

          General and administrative        5,920    5,500    11,360   10,838



      Operating income (loss)              16,055   (5,722)   19,658  (13,056)



      Other (income) expense

          Interest expense                 (4,390)  (2,222)   (8,173)  (4,846)

          Gain (Loss) on derivatives not

           designated as  hedges          (48,947)   3,634   (73,434)  (5,853)



                                          (53,337)   1,412   (81,607) (10,699)



      Loss from continuing operations

       before income taxes                (37,282)  (4,310)  (61,949) (23,755)

      Income tax benefit                      -      1,519       -      8,262

      Loss from continuing operations     (37,282)  (2,791)  (61,949) (15,493)



      Discontinued operations:

          Gain (loss) on sale of assets,

           net of tax                        (120)    (162)      280   10,751

          Income (loss) from discontinued

           operations, net of tax            (101)    (346)      284    2,479

                                             (221)    (508)      564   13,230



      Net loss                            (37,503)  (3,299)  (61,385)  (2,263)

      Preferred stock dividends             1,511    1,512     3,023    3,024



      Net loss applicable to common

       stock                             $(39,014) $(4,811) $(64,408) $(5,287)



      Loss per common share from

       continuing operations

          Basic                            $(1.16)  $(0.11)   $(1.94)  $(0.62)

          Diluted                          $(1.16)  $(0.11)   $(1.94)  $(0.62)



      Income (loss) per common share

       from discontinued operations

          Basic                            $(0.01)  $(0.02)    $0.02    $0.53

          Diluted                          $(0.01)  $(0.02)    $0.02    $0.53



      Net loss per common share

       applicable to common stock

          Basic                            $(1.21)  $(0.19)   $(2.02)  $(0.21)

          Diluted                          $(1.21)  $(0.19)   $(2.02)  $(0.21)



      Weighted average common shares

       outstanding:

          Basic                            32,124   25,185    31,915   25,163

          Diluted                          32,124   25,185    31,915   25,163







                        GOODRICH PETROLEUM CORPORATION



                   Selected Cash Flow Data (In Thousands):



                                       Three Months Ended  Six Months Ended

                                             June 30,          June 30,

                                           2008    2007     2008      2007



      Calculation of EBITDAX:

           Revenue                        65,173  28,006   111,526   51,548

           Lease operating expense        (7,669) (6,150)  (14,766) (10,285)

           Production and other taxes     (2,334)    590    (3,589)     296

           Transportation                 (2,386) (1,440)   (4,256)  (2,515)

           G&A - cash portion only        (4,480) (4,169)   (8,653)  (8,157)

           Realized gain (loss) on

            derivatives not designated as

            hedges                        (1,948)  1,190    (1,582)   4,827



           EBITDAX                        46,356  18,027    78,680   35,714



      Reconciliation of EBITDAX to Net

       Cash Provided by Operating

       Activities:

           EBITDAX                        46,356  18,027    78,680   35,714

           EBITDAX - Discontinued

            Operations                      (101)    192       284    5,444

           Exploration                    (1,776) (1,767)   (3,779)  (4,093)

           Prospect amortization             885   1,666     2,449    3,432

           Interest expense               (4,390) (2,222)   (8,173)  (4,846)

           Other non-cash items              510    (502)      956     (405)

           Net changes in working capital (1,583)  7,613   (13,321)   4,670



           Net cash provided by operating

            activities (GAAP)             39,901  23,007    57,096   39,916





      Reconciliation of Discretionary

       Cash Flow to Net Cash Provided by

       Operating Activities:

           Discretionary cash flow        41,484  15,394    70,417   35,246

           Net changes in working capital (1,583)  7,613   (13,321)   4,670

           Net cash provided by operating

            activities (GAAP)             39,901  23,007    57,096   39,916



                                             -                 -







      Selected Operating Data:

                                         Three Months Ended  Six Months Ended

                                             June 30,            June 30,

                                           2008     2007      2008     2007



      Production - Continuing

       Operations:

           Natural gas (MMcf)               5,841    3,549    10,874    6,744

           Oil and condensate (MBbls)          45       28        83       54

           Total (MMcfe)                    6,109    3,717    11,375    7,068



      Average sales price per unit:

           Natural gas (per Mcf)           $10.18    $7.37     $9.37    $7.12

           Oil (per Bbl)                   121.51    61.06    109.70    58.97

           Natural gas and oil (Mcfe)       10.62     7.50      9.76     7.24



      Expenses per Mcfe:

           Lease operating expense          $1.26    $1.65     $1.30    $1.46

           Production and other taxes        0.38    (0.16)     0.32    (0.04)

           Transportation                    0.39     0.39      0.37     0.36

           DD&A                              4.75     5.24      4.76     5.26

           Exploration                       0.29     0.48      0.33     0.58

           General and administrative        0.97     1.48      1.00     1.53