Goodrich To Sell $118 Mln Worth Of Assets In Eagle Ford Shale, Texas

(RTTNews) - Oil and gas exploration and production company Goodrich Petroleum Corp.(GDP) Monday said it is selling its proved reserves and associated leasehold in the Eagle Ford Shale in LaSalle and Frio Counties, Texas for $118 million. The sale is expected to be complete on or before September 4, 2015.

The Company expects a gain of about $50 million - $60 million from the sale, at closing after factoring in customary closing adjustments. The Company also plans to pay off its bank revolver and retain the difference in cash from the sales proceeds.

Goodrich also said it is retaining about 58 percent, or about 17 thousand net acres, of its undeveloped leasehold in the play for future development or sale.

In addition, the company is reiterating its full-year capital expenditure budget of about $100 million.