Goodrich Petroleum Corp. (NYSE: GDPP) will sell about 2.272 million common shares priced at $11 each in a private placement, for about $25 million of gross proceeds, the company said Dec. 20.
Net proceeds will support the 2017 Haynesville Shale development drilling program and general corporate purposes.
Goodrich currently has more than $40 million in cash, $16.65 million of first-lien debt and $40 million of second-lien debt.
Johnson Rice & Co. LLC was the placement agent.
Goodrich Petroleum Corp. is based in Houston.
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