HOUSTON - Goodrich Petroleum Corporation (NYSE American: GDP) (the 'Company') today announced financial results for the second quarter ended June 30, 2021.

QUARTER HIGHLIGHTS

Net loss was $11.6 million in the quarter, or ($0.86) per basic and fully diluted share. The Company incurred a non-cash mark-to-market loss of $21.2 million in the quarter due to the change in fair value of unsettled derivatives not designated as hedges.

Adjusted net income (net income prior to change in fair value of unsettled derivatives not designated as hedges) was $9.6 million, or $0.72 per basic share and $0.64 per fully diluted share for the quarter.

Operating Income was $13.0 million in the quarter. Net cash provided by operating activities was $15.5 million in the quarter, which was negatively impacted by a change in working capital of $8.1 million.

Adjusted EBITDA was $24.4 million in the quarter.

Discretionary Cash Flow was $23.6 million and Capital Expenditures totaled $19.7 million in the quarter.

Production averaged 155,400 Mcfe per day for the quarter, which grew by 24% sequentially over the first quarter.

Average realized price per unit was $2.69 per Mcfe, or $2.60 per Mcfe including settled hedges, and per unit expense was $1.77 per Mcfe for the quarter, which included non-cash expense of $0.88 per Mcfe.

Contact:

Robert Turnham

Tel: (713) 780-9494

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