<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT 1934
For the quarterly period ended MARCH 31, 1997
--------------
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT 1934
For the transition period from _____________________ to ____________________
Commission File Number: 1-7940
----------------------------------------------------
GOODRICH PETROLEUM CORPORATION
- ----------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 76-0466913
- ----------------------------------------------------------------------------
(State or other jurisdiction of incorporation (I.R.S. Employer ID. No.)
or organization)
5847 SAN FELIPE, SUITE 700, HOUSTON, TEXAS 77057
- ----------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(713) 780-9494
- ----------------------------------------------------------------------------
(Registrant's telephone number, including area code)
NONE
- ----------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report.)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. [ X ] Yes [ ] No
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Common shares outstanding as of April 30, 1997: 41,804,510
1
<PAGE>
GOODRICH PETROLEUM CORPORATION
FORM 10-Q
MARCH 31, 1997
INDEX
PAGE NO.
--------
PART 1 - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
Consolidated Balance Sheets
March 31, 1997 (Unaudited) and December 31, 1996.......... 3-4
Consolidated Statements of Operations (Unaudited)
Three Months Ended March 31, 1997 and 1996................ 5
Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended March 31, 1997 and 1996................ 6
Consolidated Statements of Stockholders' Equity (Unaudited)
Three Months Ended March 31, 1997 and 1996................ 7
Notes to Consolidated Financial Statements................... 8-9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS. 10
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
ITEM 2. CHANGES IN SECURITIES.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
ITEM 5. OTHER INFORMATION.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
2
<PAGE>
GOODRICH PETROLEUM CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
----------- ------------
(Unaudited)
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents........................... $ 1,200,493 $ 344,551
Marketable equity securities........................ 675,200 569,700
Accounts receivable
Trade and other, net of allowance.................. 448,978 744,221
Accrued oil and gas revenue........................ 1,995,223 1,482,503
Accrued pipeline joint venture..................... 732,000 532,000
Prepaid insurance................................... 181,034 235,578
Other............................................... 2,868 4,888
---------- -----------
Total current assets............................ 5,235,796 3,913,441
---------- -----------
PROPERTY AND EQUIPMENT
Oil and gas properties (successful efforts method).. 36,353,357 19,129,512
Furniture, fixtures and equipment................... 156,842 107,056
---------- -----------
36,510,199 19,236,568
Less accumulated depletion, depreciation
and amortization................................... (5,784,656) (4,918,856)
---------- -----------
Net property and equipment...................... 30,725,543 14,317,712
---------- -----------
OTHER ASSETS
Investment in pipeline joint venture, net........... 3,224,254 3,616,360
Deferred charges and other investments.............. 295,980 551,471
---------- -----------
3,520,234 4,167,831
---------- -----------
TOTAL ASSETS................................ $ 39,481,573 $22,398,984
========== ===========
</TABLE>
See notes to consolidated financial statements.
3
<PAGE>
GOODRICH PETROLEUM CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets (Continued)
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
----------- -----------
(Unaudited)
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable...................................... $ 1,483,809 $ 1,108,534
Accrued liabilities................................... 2,703,161 1,994,730
---------- ----------
Total current liabilities......................... 4,186,970 3,103,264
---------- ----------
LONG TERM DEBT.......................................... 18,000,000 10,000,000
OTHER LIABILITIES....................................... 80,260 160,520
STOCKHOLDERS' EQUITY
Series A preferred stock, par value $1.00 per
share; authorized 10,000,000 shares;
issued 801,149 (liquidation preference
$10 per share, aggregating to $8,011,490)......... 801,149 801,149
Series B preferred stock, par value $1.00 per
share; authorized 10,000,000 shares; issued
750,000 (liquidation preference $10 per
share, aggregating to $7,500,000)................. 750,000 ---
Common stock, par value - $0.20 per share;
authorized 100,000,000 shares; issued
and outstanding 41,804,510........................ 8,360,902 8,360,902
Additional paid-in capital............................ 7,809,493 1,059,493
Accumulated deficit................................... (422,801) (896,444)
Unrealized loss on marketable equity securities....... (84,400) (189,900)
---------- ----------
Total stockholders' equity........................ 17,214,343 9,135,200
---------- ----------
TOTAL LIABILITIES AND STOCK-
HOLDERS' EQUITY............................... $ 39,481,573 $ 22,398,984
========== ===========
</TABLE>
See notes to consolidated financial statements.
4
<PAGE>
GOODRICH PETROLEUM CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------
1997 1996
---------- ----------
<S> <C> <C>
REVENUES
Oil and gas sales............................. $ 2,883,133 1,902,881
Pipeline joint venture........................ 550,510 582,310
Other......................................... 163,776 165,597
---------- ----------
Total revenues............................... 3,597,419 2,650,788
---------- ----------
EXPENSES
Lease operating expense and production taxes.. 552,841 328,092
Depletion, depreciation and amortization...... 1,291,715 1,093,205
Exploration................................... 136,412 218,017
Interest expense.............................. 319,712 206,831
General and administrative.................... 559,781 528,278
---------- ----------
Total costs and expenses..................... 2,860,461 2,374,423
---------- ----------
INCOME BEFORE INCOME TAXES..................... 736,958 276,365
Income taxes.................................. --- ---
---------- ----------
NET INCOME..................................... 736,958 276,365
Preferred stock dividends..................... 263,315 162,230
---------- ----------
EARNINGS APPLICABLE TO
COMMON STOCK.................................. $ 473,643 114,135
========== ==========
EARNINGS PER AVERAGE
COMMON SHARE.................................. $ .01 ---
========== ==========
AVERAGE COMMON SHARES
OUTSTANDING................................... 41,804,510 41,804,510
========== ==========
</TABLE>
See notes to consolidated financial statements.
5
<PAGE>
GOODRICH PETROLEUM CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
<TABLE>
<CAPTION>
Three Months
Ended March 31,
----------------------------
1997 1996
------------- ------------
<S> <C> <C>
OPERATING ACTIVITIES
Net income......................................... $ 736,958 276,365
Adjustments to reconcile net income to
net cash provided by operating activities:
Depletion, depreciation and amortization....... 1,291,715 1,093,205
Amortization of leasehold costs................ 57,204 40,688
Amortization of deferred debt financing costs.. 16,616 19,998
Gain on sale of oil and gas properties......... (18) (44,123)
Capital expenditures charged to income......... --- 177,329
Payment of contingent liability................ (76,268) ---
Payment of other liabilities................... (80,260) (104,579)
----------- ---------
1,945,947 1,458,883
Changes in current assets and liabilities:
Accounts receivable............................ 610,690 (329,428)
Prepaid insurance and other.................... 56,564 62,464
Accounts payable............................... 375,275 135,902
Accrued liabilities............................ 654,238 (499,287)
----------- ---------
Net cash provided by operating activities.. 3,642,714 828,534
----------- ---------
INVESTING ACTIVITIES
Proceeds from sales of oil and gas properties...... 370,000 274,500
Capital expenditures............................... (1,642,917) (911,146)
Cash paid in connection with business combination.. (9,250,540) ---
Other.............................................. --- 55,952
----------- ---------
Net cash provided by
(used in) investing activities........... (10,523,457) (580,694)
----------- ---------
FINANCING ACTIVITIES
Proceeds from bank borrowings...................... 9,000,000 ---
Principal payments of bank borrowings.............. (1,000,000) ---
Payment of debt financing costs.................... --- (8,582)
Preferred stock dividends.......................... (263,315) (162,230)
----------- ---------
Net cash provided by
(used in) financing activities........... 7,736,685 (170,812)
----------- ---------
NET INCREASE IN CASH AND CASH EQUIVALENTS............ 855,942 77,028
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD................................ 344,551 613,450
----------- ---------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD...................................... $ 1,200,493 690,478
=========== =========
</TABLE>
See notes to consolidated financial statements.
6
<PAGE>
GOODRICH PETROLEUM CORPORATION AND SUBSIDIARIES
Consolidated Statements of Stockholders' Equity
Three Months Ended March 31, 1997 and 1996
(Unaudited)
<TABLE>
<CAPTION>
Series A Series B
Preferred Stock Preferred Stock Common Stock
--------------------- --------------------- --------------------- Additional
Number Number Number Paid-in Accumulated
of Shares Par Value of shares Par Value of shares Par Value Capital Deficit
--------- ---------- --------- --------- --------- --------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BALANCE AT DECEMBER 31,
1995........................ 734,859 $ 734,859 --- --- 41,804,510 $ 8,360,902 $1,200,140 $ (633,089)
Net income................... --- --- --- --- --- --- --- 276,365
Unrealized appreciation of
marketable securities
available for sale......... --- --- --- --- --- --- --- ---
Preferred stock dividends.... --- --- --- --- --- --- --- (162,230)
Reinstatement of preferred
stock under appraisal
rights...................... 76,290 76,290 --- --- --- --- (76,290) ---
--------- ---------- --------- ---------- ---------- ---------- ---------- -----------
BALANCE AT MARCH 31, 1996.... 811,149 811,149 --- --- 41,804,510 8,360,902 1,123,850 (518,954)
========= ========== ========= ========== ========== ========== ========== ===========
BALANCE AT DECEMBER 31,
1996........................ 801,149 801,149 --- --- 41,804,510 8,360,902 1,059,493 (896,444)
Net income................... --- --- --- --- --- --- --- 736,958
Unrealized appreciation of
marketable securities
available for sale.......... --- --- --- --- --- --- --- ---
Preferred stock dividends.... --- --- --- --- --- --- --- (263,315)
Issuance of Series B
Preferred Stock.............. --- --- 750,000 750,000 --- --- 6,750,000 ---
--------- ---------- --------- ---------- ---------- ---------- ---------- -----------
BALANCE AT MARCH 31, 1997.... 801,149 $ 801,149 750,000 $ 750,000 41,804,510 $8,360,902 $7,809,493 $ (422,801)
========= ========== ========= ========== ========== ========== ========== ===========
Unrealized
Gain (Loss) on Total
Marketable Stockholders'
Equity Securities Equity
----------------- ------------
BALANCE AT DECEMBER 31,
1995........................ --- $ 9,662,812
Net income................... --- 276,365
Unrealized appreciation of
marketable securities
available for sale......... 210,300 210,300
Preferred stock dividends.... --- (162,230)
Reinstatement of preferred
stock under appraisal
rights...................... --- ---
----------- ------------
BALANCE AT MARCH 31, 1996.... 210,300 9,987,247
=========== ============
BALANCE AT DECEMBER 31,
1996........................ (189,900) 9,135,200
Net income................... --- 736,958
Unrealized appreciation of
marketable securities
available for sale.......... 105,500 105,500
Preferred stock dividends.... --- (263,315)
Issuance of Series B
Preferred Stock............. --- 7,500,000
----------- ------------
BALANCE AT MARCH 31, 1997.... $ (84,400) $ 17,214,343
=========== ============
</TABLE>
See notes to consolidated financial statements.
7
<PAGE>
GOODRICH PETROLEUM CORPORATION SUBSIDIARIES
NOTES CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1997 AND 1996
NOTE A - BASIS OF PRESENTATION
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted pursuant to rules and regulations of the
Securities and Exchange Commission; however, the Company believes the
disclosures which are made are adequate to make the information presented not
misleading. The financial statements and footnotes included in this Form 10-Q
should be read in conjunction with the financial statements and notes thereto
included in the Company's annual report on Form 10-K for the year ended
December 31, 1996.
In the opinion of the Company, the accompanying unaudited consolidated financial
statements contain all adjustments (consisting of only normal recurring
accruals) necessary to present fairly the financial position of the Company as
of March 31, 1997 and the results of its operations for the three months ended
March 31, 1997 and 1996.
The results of operations for the three month period ended March 31, 1997 are
not necessarily indicative of the results to be expected for the full year.
NOTE B - ACQUISITION OF OIL AND GAS PROPERTIES
On January 31, 1997, the Company acquired the oil and gas properties of La/Cal
Energy Partners II ("La/Cal II") and certain working interest owners for a
purchase price of $16.5 million ("La/Cal II Acquisition"). The purchase price
was comprised of $1.5 million cash, the assumption of $7.5 million La/Cal II
long-term debt and the issuance of 750,000 shares of Series B convertible
preferred stock of the Company ("Series B Preferred Stock") with an aggregate
liquidation value of $7.5 million. In connection with the La/Cal II
Acquisition, the Company's borrowing base was increased to $22.5 million and the
Company borrowed an additional $9 million under its bank credit facility, which
was used to repay $7.5 million of La/Cal II debt and to pay the $1.5 million
cash portion of the purchase price. The Series B Preferred Stock has a dividend
rate of 8.25% per annum and each share of Series B Preferred Stock is
convertible into 8.92 shares of common stock. Such shares are redeemable by the
Company after January 31, 2001 at $10.00 per share
8
<PAGE>
NOTE C - COMMITMENTS AND CONTINGENCIES
The U.S. Environmental Protection Agency ("EPA") has identified the Company as a
potentially responsible party ("PRP") for the cost of clean-up of "hazardous
substances" at an oil field waste disposal site in Vermilion Parish, Louisiana.
The PRPs have estimated that the remaining cost of long-term clean-up of the
site will be approximately $3.5 million with the Company's percentage of
responsibility to be approximately 3.05%. As of March 31, 1997, the Company has
paid approximately $211,000 in costs related to this matter and accrued an
additional $199,000 for the remaining liability. The EPA and PRPs will continue
to evaluate the site and revise estimates for the long-term clean-up of the
site. These costs have not been discounted to their present value. There can
be no assurance that the cost of clean-up and the Company's percentage
responsibility will not be higher than currently estimated. In addition, under
the federal environmental laws, the liability for costs related to the clean-up
of the site is borne jointly and severally among all PRPs. Therefore, the
ultimate cost of the clean-up to the Company could be significantly higher than
the amount presently accrued for this liability.
Additionally, the Company is party to a number of lawsuits arising in the normal
course of business. The Company has defended and intends to continue to defend
these actions vigorously and believes, based on currently available information,
that adverse results or settlements, if any, in excess of insurance coverage or
amounts already provided, will not be material to its financial position or
results of operations.
NOTE D - INCOME TAXES
No provision for income taxes has been recorded for the Company due to its
ability to utilize net operating loss carryforwards to offset financial taxable
income.
NOTE E - PRO FORMA FINANCIAL RESULTS OF OPERATIONS
Selected results of operations on a pro forma basis as if the acquisition
transactions had occurred on January 1, 1997 for the three months ended March
31, 1997 and January 1, 1996 for the three months ended March 31, 1996.
<TABLE>
<CAPTION>
For the three months ended For the three months ended
March 31, 1997 March 31, 1996
-------------------------- --------------------------
<S> <C> <C>
Revenues.............. $4,118,525 3,672,052
Net income............ 971,443 535,819
Income applicable to
common stock....... 656,565 218,900
Income per average
common share....... $ .02 .01
</TABLE>
9
<PAGE>
Management's Discussion and Analysis of Financial
Condition and Results of Operations
1997 Acquisition
On January 31, 1997, the Company acquired the oil and gas properties of La/Cal
Energy Partners II ("La/Cal II") and certain working interest owners (the
"La/Cal II Properties") for a purchase price of $16.5 million ("La/Cal II
Acquisition"). The purchase price was comprised of $1.5 million cash, the
assumption of $7.5 million La/Cal II long-term debt and the issuance of 750,000
shares of Series B convertible preferred stock of the Company ("Series B
Preferred Stock") with an aggregate liquidation value of $7.5 million. In
connection with the La/Cal II Acquisition, the Company's borrowing base was
increased to $22.5 million and the Company borrowed an additional $9 million
under its bank credit facility, which was used to repay $7.5 million of La/Cal
II debt and to pay the $1.5 million cash portion of the purchase price. The
Series B Preferred Stock has a dividend rate of 8.25% per annum and each share
of Series B Preferred Stock is convertible into 8.92 shares of common stock.
Such shares are redeemable by the Company after January 31, 2001 at $10.00 per
share.
Changes in Results of Operations
Three months ended March 31, 1997 versus three months ended March 31,1996
Total revenues for the three months ended March 31, 1997 amounted to $3,597,000
and were $946,000 higher than the $2,651,000 for the three months ended March
31, 1996. Oil and gas sales were $980,000 higher due primarily to increased oil
production as a result of the La/Cal II Acquisition (effective January 31, 1997)
and to a lesser extent increased oil and gas sales from the Company's other
properties.
The following table reflects the production volumes and pricing information for
the periods presented.
Three months Three months
ended March 31, 1997 ended March 31, 1996
------------------------- -------------------------
Production Average Price Production Average Price
---------- ------------- ---------- -------------
Gas (Mcf)... 587,878 $ 2.55 410,776 $ 2.46
Oil (Bbls).. 66,357 20.90 47,344 18.83
Lease operating expense and production taxes were $553,000 for the three months
ended March 31, 1997, versus $328,000 for the three months ended March 31, 1996,
or $225,000 higher due primarily to the addition of the La/Cal II Properties.
Depletion, deprecation and amortization was $1,292,000 for the three months
ended March 31, 1997, versus $1,093,000 for the three
10
<PAGE>
months ended March 31, 1996, or $199,000 higher than the first quarter of 1996
due primarily to the addition of the La/Cal II Properties. The Company incurred
$136,000 of exploration expense in the first quarter of 1997, versus $218,000 in
the first quarter of 1996, or $82,000 lower partially due to dry hole costs of
$31,000 in the first quarter of 1996.
Interest expense was $320,000 in the three months ended March 31, 1997 compared
to $207,000 in the first quarter of 1996 due to the Company borrowing $9,000,000
on January 31, 1997 in connection with the La/Cal II Acquisition, resulting in
higher average debt outstanding.
General and administrative expenses amounted to $560,000 in the three months
ended March 31, 1997 versus $528,000 in the first quarter of 1996.
The Company's preferred stock dividends amounted to $263,000 for the three
months ended March 31, 1997. The increase is due to dividends paid on the
Company's Series B Preferred Stock issued on January 31, 1997 in connection with
the La/Cal II Acquisition, compared to $162,000 for the prior year related to
the Series A preferred stock only.
Liquidity and Capital Resources
Net cash provided by operating activities was $3,643,000 in the three months
ended March 31, 1997 compared to $829,000 in the three months ended March 31,
1996. The Company's accompanying consolidated statements of cash flows identify
major differences between net income and net cash provided by operating
activities for each of the periods presented.
Net cash used in investing activities totaled $10,523,000 for the first quarter
of 1997 compared to $581,000 net cash provided by investing activities in 1996.
The three months ended March 31, 1997 reflects $9,251,000 cash paid in
connection with the La/Cal II Acquisition and $1,643,000 in capital expenditures
offset by $370,000 in proceeds from the sale of certain oil and gas properties
located in Montana. The three months ended March 31, 1996 reflects $911,000 in
capital expenditures offset by $275,000 in proceeds from the sale of certain oil
and gas properties in Montana and North Dakota.
Net cash provided by financing activities was $7,737,000 for the current period
as compared to net cash used in financing activities of $171,000 in the prior
year period. The 1997 amount included the borrowing of $9,000,000 by the
Company under its line of credit which was used to payoff the debt assumed from
La/Cal II and pay the cash portion of the purchase price. Additionally, the
Company paid down $1,000,000 under this line of credit in the first quarter of
1997. The current period also includes preferred dividends of $263,000, whereas
the first quarter of 1996 consists of preferred stock dividends of $162,000.
The Company has a credit facility with a bank which provides for a total
borrowing base determined by the bank every six months based in part, on the
Company's oil and gas reserve information. Such borrowing base is currently
$22,500,000. The maturity date for all amounts drawn under the bank credit
facility is June 1, 1998. Interest is based on either of two methods at
11
<PAGE>
the option of the Company: the bank's prime lending rate or LIBOR plus 2%.
Interest rates are set on specific draws for one, two, three or six month
periods, also at the option of the Company. The Company's credit facility
requires that minimum net worth and debt service ratios be maintained by the
Company. Accordingly, the Company had $2,300,000 available for the payment of
dividends at March 31, 1997. The amount outstanding under this facility as of
March 31, 1997 was $18,000,000.
The Company had $1,643,000 in capital expenditures in the three months ended
March 31, 1997. The Company plans to incur capital expenditures in the amount
of approximately $5,900,000 in the remainder of 1997. The Company expects to
fund such expenditures from operating cash flows.
12
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.
None
Item 2. Changes in Securities.
None
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
Item 5. Other Information.
Not applicable.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
27 - Financial Data Schedule
(b) Reports on Form 8-K
Form 8-K as of January 31, 1997 reporting the completion of the
Company's acquisition of the oil and gas properties of La/Cal Energy
Partners II and certain working interest owners. Financial
statements filed with the Form 8-K were:
Financial Statements of Business Acquired
La/Cal Energy Partners II
-------------------------
Independent Auditors' Report
Balance Sheets at September 30, 1996 (Unaudited) and December
31, 1995 Statements of Operations for the nine months ended
September 30, 1996 (Unaudited) and the period from July 7, 1995
(Inception) through December 31, 1995
Statements of Partners' Capital (Deficit) for the nine months
ended September 30, 1996 (Unaudited) and the period from July 7,
1995 (Inception) through December 31, 1995
13
<PAGE>
Notes to Financial Statements
Supplemental Oil and Gas Reserve Information for the years
ended December 31, 1995, 1994 and 1993 (Unaudited)
Properties Contributed to La/Cal Energy Partners II
-------------------------------------------------------
Independent Auditors' Report
Statements of Revenues and Direct Operating Expenses for the period
from January 1, 1995 through July 7, 1995
Smythe 35-1, Hebert #1 and Warmister #1
---------------------------------------
Combining Statement of Revenues and Director Operating Expenses for
the nine months ended September 30, 1996 (Unaudited)
Independent Auditors' Report
Combining Statements of Revenue and Direct Operating Expenses for
the year ended December 31, 1995
Pro Forma Financial Information
-------------------------------
Unaudited Pro Forma Condensed Balance Sheet as of September 30,
1996
Unaudited Pro Forma Condensed Statements of Operations for the nine
months ended September 30, 1996 and for the year ended December
31, 1995
Unaudited Pro Forma Condensed Statements of Cash Flows for the nine
months ended September 30, 1996 and for the year ended December
31, 1995
14
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GOODRICH PETROLEUM CORPORATION
(registrant)
May 12, 1997 /s/ Walter G. Goodrich
- ------------------------- -----------------------------------
Date Walter G. Goodrich, President and
Chief Executive Officer
May 12, 1997 /s/ Roland L. Frautschi
- ------------------------- -----------------------------------
Date Roland L. Frautschi, Senior Vice
President, Chief Financial Officer
and Treasurer
15
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 1,200,493
<SECURITIES> 675,200
<RECEIVABLES> 3,201,146
<ALLOWANCES> 24,945
<INVENTORY> 0
<CURRENT-ASSETS> 5,235,796
<PP&E> 36,510,199
<DEPRECIATION> 5,784,656
<TOTAL-ASSETS> 39,481,573
<CURRENT-LIABILITIES> 4,186,970
<BONDS> 18,000,000
0
1,551,149
<COMMON> 8,360,902
<OTHER-SE> 7,302,292
<TOTAL-LIABILITY-AND-EQUITY> 39,481,573
<SALES> 3,433,643
<TOTAL-REVENUES> 3,597,419
<CGS> 0
<TOTAL-COSTS> 2,540,749
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 319,712
<INCOME-PRETAX> 736,958
<INCOME-TAX> 0
<INCOME-CONTINUING> 736,958
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 736,958
<EPS-PRIMARY> .011
<EPS-DILUTED> 0
</TABLE>
