Business Description
Goodrich Petroleum Corporation, a Delaware corporation formed in 1995, is an
independent oil and natural gas company engaged in the exploration, development
and production of oil and natural gas on properties primarily in (i) Northwest
Louisiana and East Texas, which includes the Haynesville Shale Trend, (ii) Southwest
Mississippi and Southeast Louisiana which includes the Tuscaloosa Marine Shale
Trend (“TMS”), and (iii) South Texas, which includes the Eagle Ford
Shale Trend. We own interests in 156 producing oil and natural gas wells located
in 39 fields in eight states. At December 31, 2016, we had estimated proved
reserves of approximately 303 Bcfe, comprised of 286 Bcf of natural gas and
2.8 MMBbls of oil and condensate.
The Commitment Letter provided for the issuance of $40.0 million in Convertible
Second Lien Notes that mature on the later of August 30, 2019 or six months
after the maturity of the Exit Credit Agreement (including all amendments, the
“Exit Credit Facility”). Interest on the Convertible Second Lien
Notes will accrue at a rate of 13.50% per annum and be paid quarterly in cash
or paid in kind by adding to the principal at the option of the issuer. The
Convertible Second Lien Notes will convert at the option of the purchaser into
a number of common shares equal to 15% of the common shares of the reorganized
company. Upon closing, purchasers of the Convertible Second Lien Notes (i)were
issued 10-year costless warrants for common stock equal to 20% of the common
shares of the reorganized company, (ii) took a second priority lien on all assets
of the reorganized company, and (iii) received the right to appoint two members
to the Board of Directors (the “Board”) of the reorganized company.
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