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Wednesday, December 10, 2014

Goodrich Petroleum to explore options for Eagle Ford assets, (NYSE: GDP)

Goodrich Petroleum Corp said it would explore strategic options for all or a part of its Eagle Ford shale assets in South Texas to boost liquidity, as oil prices fall.The company, which had cash and cash equivalents of $2.2 million as of Sept. 30, said this would "significantly enhance" its ability to fund development activities when oil prices recover.Goodrich said it will explore options for its Eagle Ford assets in the first half of 2015.The oil and gas producer also lowered its capital spending budget for 2015 to $150 million-$200 million. The company has budgeted spending of $325-375 million, but said spending would likely be at the lower end of that range.

Goodrich Petroleum Corporation is an independent oil and natural gas company engaged in exploration, development and production of oil and natural gas on properties primarily in Northwest Louisiana, East Texas and South Texas. Shares of GDP traded higher by 38.18% or $1.13/share to $4.09. In the past year, the shares have traded as low as $2.96 and as high as $30.52. On average, 2794540 shares of GDP exchange hands on a given day and today's volume is recorded at 5756747.