Goodrich Petroleum Reports Preliminary 2015 Capital Expenditure Budget

(RTTNews) - Goodrich Petroleum Corp. (GDP) announced its preliminary capital expenditure budget for 2015 of $150 million-$200 million, with flexibility to accelerate with improvement in oil prices and the monetization of certain assets. The company expects oil-directed capital to be in excess of 95% of the total. Approximately 5% of the company's 2015 capital budget will be allocated toward natural gas development. The company estimates it has sufficient projected liquidity under current market conditions, borrowing base and capital structure to execute its 2015 capital plan.

The company expects oil production volumes to average 6,100 - 6,700 barrels per day for the year, which represents 30 - 42% year-over-year growth. Natural gas volumes are expected to decrease by 15 - 20% year-over-year when factoring in the sale of the company's East Texas Cotton Valley field.

The Board of Goodrich Petroleum has authorized management to explore strategic alternatives for all or a portion of the company's Eagle Ford Shale asset in the first half of 2015.