2010-06-09-2010-06-03-2010-06-03

Acquired 95% WI in approximately 813 net acres in the South TX Eagle Ford shale pla.

Houston-based E&P company Goodrich Petroleum Corp. (NYSE: GDP) has acquired a 95% working interest in approximately 813 net acres in the South Texas Eagle Ford shale play from Robert Turnham's privately held Turnham Interests Inc. for approximately $1 million, plus carried drilling costs.

Goodrich will pay $1,250 per net acre and will carry the costs to drill and complete an initial well on the acquired Eagle Ford acreage, to the extent that the costs are attributable to Turnham's 5% working interest.

In April 2010, Goodrich announced plans to acquire an average 70% interest in approximately 50,000 gross (35,000 net) acres within the Eagle Ford oil window in La Salle and Frio counties, Texas, from an undisclosed seller for $59 million in cash and drilling carries. The purchase price equates to an average of $1,675 per net acre, with approximately $15 million in cash and the option to drill to earn its full interest through $44 million in carried drilling costs.

The separate transaction with Turnham announced May 25 also includes assets in Frio County. The participation is for a term of three years or for the extent of commercial production from the acreage.

Goodrich has oil and gas properties primarily in the Haynesville shale and Cotton Valley trend in East Texas and northern Louisiana, and in the South Texas Eagle Ford shale oil window.