goodrich petroleum corporation - RR DONNELLEY FINANCIAL

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Productive wells consist of producing wells and wells capable of production, including gas wells awaiting pipeline connections. A gross well is a well in which we maintain an ownership interest, while a net well is deemed to exist when the sum of the fractional working interests owned by us equals one. Wells that are completed in more than one producing horizon are counted as one well. Of the gross wells reported above, 72 wells had completions in multiple producing horizons. Acreage The following table summarizes our gross and net developed and undeveloped acreage under lease as of December 31, 2011. Acreage in which our interest is limited to a royalty or overriding royalty interest is excluded from the table. Developed Undeveloped Total Gross Net Gross Net Gross Net South Texas ................. 4,575 3,215 50,169 35,510 54,744 38,725 East Texas .................. 88,931 57,788 37,983 25,508 126,914 83,296 Northwest Louisiana .......... 39,827 22,746 3,025 1,752 42,852 24,498 Southeast Louisiana ........... — — 25,674 25,589 25,674 25,589 Southwest Mississippi ......... — — 76,126 54,624 76,126 54,624 Other ...................... 1,920 19 — — 1,920 19 Total .................. 135,253 83,768 192,977 142,983 328,230 226,751 Undeveloped acreage is considered to be those lease acres on which wells have not been drilled or completed to the extent that would permit the production of commercial quantities of natural gas or oil, regardless of whether or not such acreage contains proved reserves. As is customary in the oil and natural gas industry, we can retain our interest in undeveloped acreage by drilling activity that establishes commercial production sufficient to maintain the leases or by payment of delay rentals during the remaining primary term of such a lease. The oil and natural gas leases in which we have an interest are for varying primary terms; however, most of our developed lease acreage is beyond the primary term and is held so long as natural gas or oil is produced. Lease Expirations Our undeveloped lease acreage, including optioned acreage, will expire during the next four years, unless the leases are converted into producing units or extended prior to lease expiration. The following table sets forth the lease expirations as of December 31, 2011: Year Acreage 2012(1) ............................................................ 19,430 2013 .............................................................. 17,645 2014 .............................................................. 10,719 2015 .............................................................. 2,437 (1) In February 2012 we extended our Tuscaloosa Marine Shale leases that were to expire in 2012 for three years. We intend to retain our Angelina River Trend acreage that has 2012 lease expirations by perpetuating the leases through a continuous drilling provision. Operator Activities We operate a majority of our producing properties by value, and will generally seek to become the operator of record on properties we drill or acquire. Chesapeake Energy Corporation (“Chesapeake”) continues to operate our jointly-owned Northwest Louisiana acreage. 12
Drilling Activities The following table sets forth our drilling activities for the last three years. As denoted in the following table, “gross” wells refer to wells in which a working interest is owned, while a “net” well is deemed to exist when the sum of the fractional working interests we own in gross wells equals one. Year Ended December 31, 2011 2010 2009 Gross Net Gross Net Gross Net Development Wells: Productive .............................. 46 24.1 44 18.9 43 23.6 Non-Productive ......................... — — — — — — Total .............................. 46 24.1 44 18.9 43 23.6 Exploratory Wells: Productive .............................. 1 0.7 3 2.3 2 1.0 Non-Productive ......................... — — — — — — Total .............................. 1 0.7 3 2.3 2 1.0 Total Wells: Productive .............................. 47 24.8 47 21.2 45 24.6 Non-Productive ......................... — — — — — — Total .............................. 47 24.8 47 21.2 45 24.6 At December 31, 2011, the Company had six gross (three net) development wells and one exploration well with a minor working interest in process of being drilled. 13
Page 2 and 3: Performance 1 Letter to Shareholder
Page 4 and 5: Capital Expenditures ($MM) LETTER T
Page 6 and 7: Operating Cash Flow ($MM) drawn und
Page 8 and 9: GOODRICH PETROLEUM CORPORATION ANNU
Page 10 and 11: GLOSSARY OF CERTAIN OIL AND NATURAL
Page 12 and 13: Working interest is the operating i
Page 14 and 15: Eagle Ford Shale Trend As of Decemb
Page 16 and 17: The following table presents our re
Page 20 and 21: Net Production, Unit Prices and Cos
Page 22 and 23: Environmental and Occupational Heal
Page 24 and 25: operate, have adopted, and other st
Page 26 and 27: Section 27A of the Securities Act o
Page 28 and 29: Our operations are subject to gover
Page 30 and 31: equirements for GHG emissions from
Page 32 and 33: Changes in commodity prices signifi
Page 34 and 35: Additionally, as management’s vie
Page 36 and 37: • explosions; • uncontrollable
Page 38 and 39: PART II Item 5. Market for Registra
Page 40 and 41: Item 6. Selected Financial Data The
Page 42 and 43: locations. Our Haynesville Shale ac
Page 44 and 45: our Cotton Valley Taylor Sand wells
Page 46 and 47: Operating expenses in 2010 include
Page 48 and 49: Exploration expenses for 2010 incre
Page 50 and 51: additional oil and natural gas leas
Page 52 and 53: We have in place a $600 million Sen
Page 54 and 55: Year ended December 31, 2010 Compar
Page 56 and 57: As defined in the credit agreement
Page 58 and 59: offering costs of $2.7 million). Ea
Page 60 and 61: government regulation before the ti
Page 62 and 63: Item 7A. Quantitative and Qualitati
Page 64 and 65: MANAGEMENT’S ANNUAL REPORT ON INT
Page 66 and 67: REPORT OF INDEPENDENT REGISTERED PU
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GOODRICH PETROLEUM CORPORATION AND
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PART III Item 10. Directors and Exe
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Gene Washington is the former Direc
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4.7 Form of 5.00% Convertible Senio
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12.1* Ratio of Earnings to Fixed Ch
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Signature Title /s/ /s/ /s/ ARTHUR
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Corporate Headquarters 801 Louisian
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goodrich petroleum corporation - RR DONNELLEY FINANCIAL

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