Goodrich Petroleum Corp. reaffirmed capital expenditure guidance for the year 2012 and revises earnings guidance for the year 2013. For the year 2012, the company reaffirmed capital expenditures to be approximately $250 million, which is consistent with the company's previously disclosed budget.

The company revised earnings guidance for 2013. For the year, the company announced a preliminary capital expenditure budget for 2013 of $175 to $200 million, which includes $160 million to $185 million in drillingand completion expenditures and $15 million allocated to leasehold and infrastructure expenses. The company's 2013 capital expenditure budget is designed to allow for flexibility to allocate capital within the range of the total capital expenditures in either the Eagle Ford Shale or the Tuscaloosa Marine Shale. The company estimates oil volumes to grow by 40% to 60% in 2013 versus 2012, natural gas volumes to grow by 10% to 15% from the previously issued guidance for the fourth quarter of 2012 to the fourth quarter of 2013, yet be down year over year by approximately 10%, and overall production on a Mcfe basis is expected to be relatively flat year over year. Oil volumes are estimated to comprise approximately 30% to 35% of total production and 65% to 70% of revenue for the year. Earnings before interest, taxes, DD&A, non-cash general and administrative expenses and exploration is expected to be $165 million to $185 million for the year factoring in the company's production forecasts, hedges and based on NYMEX pricing of $90.00 per barrel of oil and $3.50 per Mcf of natural gas. Discretionary cash flow, defined as net cash provided by operating activities before changes in working capital is expected to be $125 million to $140 million under the same production, hedging and commodity price assumptions.