HOUSTON, Oct. 18, 2017 /PRNewswire/ — Goodrich Petroleum Corporation (NYSE American: GDP) (the “Company”) today announced that it has entered into a $250 million Senior Secured Revolving Credit Agreement with JP Morgan Chase Bank, N.A. (Joint Lead Arranger, Sole Bookrunner and Administrative Agent) and SunTrust Bank and SunTrust Robinson Humphrey, Inc. (Syndication Agent and Joint Lead Arranger, respectively), hereinafter the “Credit Facility”. The Credit Facility has an initial borrowing base of $40 million and contains customary terms and conditions, including semi-annual borrowing base redeterminations. The Company had $31.1 million of cash on hand as of September 30, 2017 and has $23.3 million currently available under the Credit Facility.
The Company also announced today that it has entered into an additional swap of undeveloped acreage on a portion of its core North Louisiana Haynesville Shale acreage. The Company swapped approximately 900 net acres out of its Metcalf area of central Caddo Parish for a similar amount of acreage in its Bethany-Longstreet area in southern Caddo Parish. The swap, that increased its inventory of long laterals and operated acreage which carries lower gathering fees, equates to an increase in proved undeveloped reserves of 25.5 Bcfe based on the year-end 2016 SEC Reserve Report with SEC Henry Hub spot price of $2.481 per MMBTU and $42.75 per barrel West Texas Intermediate pricing.