Goodrich Petroleum has closed the sale of certain non-core properties in East Texas and North Louisiana for approximately $70m with an effective date of 1 July 2010.
The company has retained all of the deep drilling rights on these divested properties, including the rights to both the Haynesville Shale and Bossier Shale formations.
The closing price has been adjusted for cash flow from the properties since the effective date, and as such, the adjusted closing sale price net to the company was approximately $65m.
The company said its borrowing base will be revised to $225m in conjunction with the closing of this sale of properties.
Goodrich Petroleum is an oil and gas exploration and production company, and majority of its properties are located in Louisiana and Texas.