Goodrich Petroleum to repay revolver with proceeds of reserves sale

By Wendy Van Sickle

Columbus, Ohio, July 27 – Goodrich Petroleum Corp. plans to pay off its revolving credit facility with the proceeds of a $118 million sale of reserves, according to a company news release.

The company said it expects to close on the sale of the reserves and associated leasehold in Eagle Ford Shale in LaSalle and Frio counties in Texas by Sept. 4.

Goodrich said it anticipates booking a gain of about $50 million to $60 million after factoring in closing adjustments.

After paying off its revolver, the company plans to retain any leftover sale proceeds in cash.

Goodrich is a Houston-based independent oil and gas exploration and development company.

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