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GPC. Management Presentation Oil & Gas Investment Symposium February 7-8, 2005 NYSE: GDP. FORWARD LOOKING STATEMENT.

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Gpc

GPC

Management Presentation

Oil & Gas Investment Symposium

February 7-8, 2005

NYSE: GDP


Forward looking statement

FORWARDLOOKING STATEMENT

Certain statements in this presentation regarding future expectations and plans for future activities may be regarded as “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. 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.


Nyse gdp

(NYSE:GDP)

Market Data as of February 1, 2005

Shares of Common Stock Outstanding – 20.6 Million

Market Capitalization – $373 Million

Insider Ownership – 60%

Public Float – 8 million shares

52 Week Price Range - $5.85- $18.35

Investor Contacts

Robert C. Turnham, Jr.D. Hughes Watler, Jr.

PresidentChief Financial Officer

[email protected]@goodrichpetroleum.com

Phone: (713)780-9494

Fax: (713)780-9254


Company profile

COMPANY PROFILE

  • Exploration and production company focused in the transition zone of South Louisiana and Cotton Valley trend of East Texas and Northwest Louisiana and the transition zone of South Louisiana

  • Significant upside and development potential from the company’s East Texas and North Louisiana Cotton Valley assets of approximately 45,000 gross acres

  • Multi-year project inventory on South Louisiana transition zone assets

  • Additional exploration upside from two 30 square mile 3-D surveys recently shot in South Louisiana

  • Significant control of activities and capital expenditures. Operator of all properties except one

  • Strong balance sheet with available capital to grow the company


Corporate strategy

CORPORATE STRATEGY

  • Grow through the drill bit. Significant reserve and production growth potential on existing assets and Cotton Valley acreage

  • Accelerate development of the Cotton Valley ( 33 wells budgeted for 2005)

  • Pursue strategic acquisitions where we can enhance value through development activities

  • Maintain risk managed approach to grow production and reserves


Diversified drilling portfolio

DIVERSIFIED DRILLING PORTFOLIO


Company profile areas of operation

COMPANY PROFILE – AREAS OF OPERATION

South Henderson

St. Gabriel

Core Properties

2005 Planned Activities


Cotton valley trend

COTTON VALLEY TREND

  • Approximately 45,000 gross acres acquired

  • Panola and Rusk Counties, Texas; Caddo and DeSoto Parishes, Louisiana

  • Natural gas play with low dry hole risk

  • Additional potential in the shallow zones (Travis Peak/Hosston/Pettit Formations)

  • Anticipated 40 acre spacing provides significant development potential and repeatability

  • 14 Wells drilled and completed. Average initial gross production rate of 1,350 Mcf per day.

  • 3 rigs running in the play. (Approximately 30 days between wells.)

  • 33 wells budgeted for 2005.


Typical cotton valley section

TYPICAL COTTON VALLEY SECTION


Cotton valley expected case production model first 12 months

COTTON VALLEY - EXPECTED CASE PRODUCTION MODEL (FIRST 12 MONTHS)

GAS RATE (MCF/DAY)


Cotton valley expected case production model life of well

COTTON VALLEY - EXPECTED CASE PRODUCTION MODEL (LIFE OF WELL)

GAS RATE (MCF/DAY)


Cotton valley expected case economics

COTTON VALLEY EXPECTED CASEECONOMICS


Cotton valley trend east texas new wells initial production rates

COTTON VALLEY TREND – EAST TEXASNEW WELLS - INITIAL PRODUCTION RATES

Martin Tuttle #1

IP - 1,800 Mcf/day

Martin Tuttle #2

IP – 1,242 Mcf/day

OAK HILL

1.3 Tcf

Swiley #1

IP - 1,450 Mcf/day

Morgan #1

Completing

Young Heirs #1

IP - 1,400 Mcf/day

Dickeson #1

IP – 2,066 Mcf/day

Prior Heirs #1

TP IP – 1,100

CV IP - 685 Mcf/day

BECKVILLE

Wyatt #2

IP – 3,500 Mcf/day

Taliaferro #1

IP – 3,627 Mcf/day

Jackson #2

IP - 1,900 Mcf/day

F. Prior #1

IP - 970 Mcf/day

Jackson Wyatt #A-3

Drilling

Lake #1

IP – 2,225 Mcf/day

CARTHAGE

3.1 Tcf

McRae #1

IP – 1,800 Mcf/day

N. MINDEN

Brooks #1

IP – 1,042 Mcf/day

Ashby #1

IP - 1,000 Mcf/day

Pricer #1

Drilling

Craig #1

Completing

Holland #1

Drilling


Cotton valley trend northwest louisiana new wells initial production rates

COTTON VALLEY TREND – NORTHWEST LOUISIANANEW WELLS - INITIAL PRODUCTION RATES

BETHANY

J Holmes #1

IP - 492 Mcf/day

C. Taylor #1

IP - 1,000 Mcf/day

CARTHAGE

3.1 TCF

DEADWOOD

M. Taylor #1

IP – 1,297 Mcf/day

HOLLY

111 BCF

BELLE BOWER

47 BCF


Burrwood and west delta 83 fields

BURRWOOD AND WEST DELTA 83 FIELDS

  • Plaquemines Parish, Louisiana

  • Fields discovered by Chevron in 1955

  • Cumulative production 50 MMBO and 150 BCF from 16 productive sands

  • Acquired the Fields in February 2000

  • 8600 acres of leases

  • Acquired 41 square mile 3-D in October 2001

  • Approximately 55% working interest in current production and 65% leasehold interest in the Fields.


Burrwood and west delta 83 fields project inventory

BURRWOOD AND WEST DELTA 83 FIELDS – PROJECT INVENTORY

Gross Daily Production (Mcfe)

  • Net CapEx of approximately $45.8 Million since acquisition.

  • Produced approximately 27.5 gross Bcfe since acquisition

20 Future Projects


Burrwood and west delta 83 fields project inventory1

BURRWOOD AND WEST DELTA 83 FIELDS – PROJECT INVENTORY


Lafitte field

LAFITTE FIELD

  • Jefferson Parish, Louisiana

  • Field discovered by Texaco in 1935

  • Cumulative Production – 265 MMBO and 320 BCF from over 30 productive sands

  • Own a 49% working interest in the Field

  • 8200 acres under lease

  • 31 square mile 3-D seismic data over the Field


Lafitte field project inventory

LAFITTE FIELD

Jefferson Parish, Louisiana

7900’ SAND

C.I. = 100’

LAFITTE FIELD – PROJECT INVENTORY

23 Future Projects


Plumb bob field

PLUMB BOB FIELD

  • St. Martin Parish, Louisiana

  • Field discovered by Texaco in 1929

  • Cumulative Production – 17.3 MMBO and 23 BCF (126 BCFE)

  • Acquired 70% average working interest in September 2003; 17,000 acres of seismic and lease options

  • Acquired 30 square mile 3-D seismic survey in September 2004


Plumb bob field st martin parish louisiana

PLUMB BOB FIELDSt. Martin Parish, Louisiana


St gabriel field

ST. GABRIEL FIELD

  • Ascension and Iberville Parishes Louisiana

  • Field discovered by Shell Oil Company in 1939

  • Cumulative Production - 83 Bcf and 35 MMBO (293 Bcfe)

  • Own approximately 5,000 Acres of seismic and lease options, with 70% working interest

  • Acquired 30 square mile 3-D seismic survey over the field in November 2004.

  • Initial Development – 2Q 2005


St gabriel field ascension and iberville parishes louisiana

ST. GABRIEL FIELDAscension and Iberville Parishes, Louisiana


Capital expenditures 2005

CAPITAL EXPENDITURES - 2005

$75MM

2005 Budget

$7 MM

$42MM

$20 MM

$20MM

$48 MM

Exploration (7%)

Moderate Risk Exploitation (29%)

Low Risk Development (64%)


Capital expenditures and reserve exposure 2005 budget

CAPITAL EXPENDITURES AND RESERVE EXPOSURE -2005 BUDGET


Financial results

2002

2003

2004

Estimate

FINANCIAL RESULTS

Operating Cash Flow

($ Millions)

Earnings per Share (Basic)


Unit operating results per mcfe

UNIT OPERATING RESULTS (Per Mcfe)

$5.71

$5.02

$3.66

2002

2003

2004 (9 months)


Hedge position

HEDGE POSITION

Percentage of Current Volumes Hedged at Average Price Per Mcfe


Why invest in goodrich petroleum

WHY INVEST IN GOODRICH PETROLEUM?

  • We are a growth story – Multiple year, balanced drilling inventory

  • Capital expenditure budget increased to $75MM

  • We can control our own destiny with inventory and operations on all but one of our fields

  • Cotton Valley wells are reducing our per unit operating costs

  • Insiders and shareholders’ interests aligned. - Approximately 60% insider ownership


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