Goodrich Petroleum closes sale of Eagle Ford acreage
HOUSTON -- Goodrich Petroleum Corporation has closed on the previously announced divestiture of the company's proved reserves and associated leasehold in the Eagle Ford shale in LaSalle and Frio Counties, Texas.
After certain purchase price adjustments the consideration was $116 million, of which $102 million was received by the company in cash at closing, with the remaining $14 million placed into escrow pending resolution of post-closing adjustments. Goodrich used the proceeds at closing to pay off its senior credit facility, with the difference held in cash.
The company has retained approximately 17,000 net undeveloped acres in the Eagle Ford for future development or sale.
