goodrich petroleum corporation - RR DONNELLEY FINANCIAL

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GOODRICH PETROLEUM CORPORATION AND SUBSIDIARY SUPPLEMENTAL INFORMATION (Unaudited) Changes in the Standardized Measure The following are the principal sources of change in the standardized measure of discounted net cash flows for the years shown (in thousands): Year Ended December 31, 2011 2010 2009 Balance, beginning of year ....................................... $358,678 $ 147,224 $ 167,443 Net changes in prices and production costs related to future production . . . (11,864) 113,068 (309,832) Sales and transfers of oil and natural gas produced, net of production costs ...................................................... (160,543) (108,242) (66,438) Net change due to revisions in quantity estimates ..................... (33,040) 1,962 (181,646) Net change due to extensions, discoveries and improved recovery ........ 252,816 153,509 89,811 Net change due to purchases and sales of minerals in place ............. (127) (12,979) 3 Changes in future development costs ............................... 6,709 35,173 473,897 Previously estimated development cost incurred in period .............. 18,080 21,231 6,160 Net change in income taxes ...................................... (558) (2,507) 1,461 Accretion of discount ........................................... 36,213 14,816 16,987 Change in production rates (timing) and other ....................... (16,044) (4,577) (50,622) Net increase (decrease) in standardized measures ..................... 91,642 211,454 (20,219) Balance, end of year ............................................ $450,320 $ 358,678 $ 147,224 Summarized Quarterly Financial Data (Unaudited) (In Thousands, Except Per Share Amounts) First Quarter Second Quarter Third Quarter (1) Fourth Quarter 2011 Revenues ............................... $41,231 $ 52,871 $ 55,542 $ 51,425 $ 201,069 Operating loss ........................... (2,397) 2,080 176 (16,926) (17,067) Net income (loss) ......................... (23,168) 82 13,632 (22,304) (31,758) Net income (loss) applicable to common stock ................................. (24,680) (1,430) 12,121 (23,816) (37,805) Basic income (loss) per common share ........ (0.68) (0.04) 0.34 (0.66) (1.05) Diluted income (loss) per common share ...... (0.68) (0.04) 0.33 (0.66) (1.05) 2010 Revenues ............................... $40,455 $ 34,162 $ 37,424 $ 36,292 $ 148,333 Operating income (loss) ................... (21,331) (12,777) (238,482) (7,828) (280,418) Net income (loss) ......................... 4,331 (21,599) (225,131) (19,721) (262,120) Net income (loss) applicable to common stock ................................. 2,819 (23,111) (226,642) (21,233) (268,167) Basic income (loss) per common share ........ 0.08 (0.64) (6.31) (0.59) (7.47) Diluted income (loss) per common share ...... 0.08 (0.64) (6.31) (0.59) (7.47) (1) The carrying amount of our oil and natural gas properties was impaired by $234.9 million as of September 30, 2010. This amount includes an increase of $11.6 million from the previously reported amount of $223.3 million as a result of further review of our September 30, 2010 impairment analysis. 90 Total
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None. Item 9A. Controls and Procedures Evaluation of Disclosure Controls and Procedures We have established disclosure controls and procedures designed to ensure that material information required to be disclosed in our reports filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission and that any material information relating to us is recorded, processed, summarized and reported to our management including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures. In designing and evaluating our disclosure controls and procedures, our management recognizes that controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving desired control objectives. In reaching a reasonable level of assurance, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. As required by SEC rule 13a-15(b), we have evaluated, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(c) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Our Chief Executive Officer and Chief Financial Officer, based upon their evaluation as of December 31, 2011, the end of the period covered in this report, concluded that our disclosure controls and procedures were effective. Management’s Annual Report on Internal Control Over Financial Reporting See Management’s Assessment of Internal Control Over Financial Reporting under Item 8 of this Annual Report on Form 10-K. Attestation Report of the Registered Public Accounting Firm See Report of Independent Registered Public Accounting Firm under Item 8 of this Annual Report on Form 10-K. Changes in Internal Control over Financial Reporting There were no changes in our internal control over financial reporting that occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting. Item 9B. Other Information None. 91
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Performance 1 Letter to Shareholder
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Capital Expenditures ($MM) LETTER T
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Operating Cash Flow ($MM) drawn und
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GOODRICH PETROLEUM CORPORATION ANNU
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GLOSSARY OF CERTAIN OIL AND NATURAL
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Working interest is the operating i
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Eagle Ford Shale Trend As of Decemb
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The following table presents our re
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Productive wells consist of produci
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Net Production, Unit Prices and Cos
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Environmental and Occupational Heal
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operate, have adopted, and other st
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Section 27A of the Securities Act o
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Our operations are subject to gover
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equirements for GHG emissions from
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Changes in commodity prices signifi
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Additionally, as management’s vie
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• explosions; • uncontrollable
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PART II Item 5. Market for Registra
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Item 6. Selected Financial Data The
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locations. Our Haynesville Shale ac
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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
Page 68 and 69: GOODRICH PETROLEUM CORPORATION AND
Page 98 and 99: PART III Item 10. Directors and Exe
Page 100 and 101: Gene Washington is the former Direc
Page 102 and 103: 4.7 Form of 5.00% Convertible Senio
Page 104 and 105: 12.1* Ratio of Earnings to Fixed Ch
Page 106 and 107: Signature Title /s/ /s/ /s/ ARTHUR
Page 108: Corporate Headquarters 801 Louisian
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goodrich petroleum corporation - RR DONNELLEY FINANCIAL

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