Goodrich Petroleum files bankruptcy

Goodrich Petroleum Corp., Houston, has filed for voluntary bankruptcy to implement a restructuring agreement and expects to remain liquid enough to sustain business.

The bankruptcy will enable it to remove about $400 million in debt from its balance sheet. The restructuring agreement eliminated funded indebtedness other than its first-lien reserve-based loan facility, which has about $40 million outstanding.

Existing managers remain in place.

At yearend 2014, the company had reserves of 104 bcf of natural gas, 1 million bbl of NGL, and 27.1 million bbl of crude oil and condensate in the Tuscaloosa Marine shale of eastern Louisiana and southwestern Mississippi, the oil window of the Eagle Ford shale of South Texas, and the Haynesville shale of northeastern Texas and northwestern Louisiana. Last year the company sold its Eagle Ford assets, which accounted for 23% of total reserves.

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