Goodrich Petroleum Corp. (NYSE: GDP) announced financial and operating results for the year and fourth quarter ended December 31, 2011 and updated capital expenditure and production guidance for 2012.

The company is maintaining its 2012 capital expenditure budget of $250 – 275 million, but reallocating $20 million of capital expenditures from its gas-focused Haynesville Shale properties to its oil-focused activities in the Eagle Ford Shale.

For 2011 capital expenditures incurred totaled $328.0 million, of which $270.9 million was for drilling and completion costs on wells drilled in 2011, $23.1 million was for carry-over drilling and completion costs, and $34.0 million was for leasehold, infrastructure and other expenditures.

Production for the fourth quarter was 10.0 billion cubic feet equivalent (“Bcfe”), or an average of 108,200 Mcfe per day, versus 8.9 Bcfe, or an average of 97,100 Mcfe per day in the prior year period.

The Company's proved oil and natural gas reserves as of December 31, 2011 increased by 8% versus the prior year period to 501.0 Bcfe. Oil and liquids reserves grew by 288% to 6.3 million barrels versus 1.6 million barrels at year-end 2010.

The Company announced a net loss applicable to common stock of $23.8 million for the quarter, or ($0.66) per basic share, versus a net loss applicable to common stock of $21.2 million, or ($0.59) per basic share in the prior year period.

Revenues for the quarter were $51.4 million versus $36.3 million in the prior year period.

Revenues for the year totaled $201.1 million, versus $148.3 million in the prior year period.

Lease operating expenses decreased by 8% to $5.9 million in the quarter, or $0.60 per Mcfe, versus $6.5 million, or $0.72 per Mcfe in the prior year period. For the year, LOE totaled $21.5 million, or $0.54 per Mcfe, versus $26.3 million, or $0.78 per Mcfe in the prior year period.

Exploration expense was $1.9 million, or $0.19 per Mcfe for the quarter, versus $2.5 million, or $0.28 per Mcfe in the prior year period. Exploration expense for the year was $8.3 million, or $0.21 per Mcfe, versus $10.2 million, or $0.30 per Mcfe in the prior year.

Operating income, defined as revenues minus operating expenses, totaled a loss of $16.9 million for the quarter versus an operating loss of $7.8 million for the prior year period. Operating income for the year was a loss of $17.1 million versus an operating loss of $280.4 million for the prior year period, which included a $234.9 million asset impairment.