Goodrich Petroleum Corporation Announces Suspension of Trading and Commencement of NYSE Delisting Procedures; Common Stock Expected to Begin Trading on the OTC Markets

Jan 13, 2016

HOUSTON, Jan. 13, 2016 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE:GDP) (the "Company") today announced that it received notification from the New York Stock Exchange ("NYSE") that the NYSE has commenced proceedings to delist the Company's common stock as a result of the NYSE's determination that the Company's common stock was no longer suitable for listing on the NYSE based on "abnormally low" price levels, pursuant to Section 802.01D of the NYSE's Listed Company Manual. The NYSE suspended trading in the Company's common stock effective immediately. 

The Company has two preferred stock issues listed on the NYSE, which will also be suspended:

Ticker Symbol

Issue Description

GDP PR C

Depositary Shares, Each Representing 1/1000th Interest in a Share of 10.00% Series C Cumulative Preferred Stock

GDP PR D

Depositary Shares, Each Representing 1/1000th Interest in a Share of 9.75% Series D Cumulative Preferred Stock

The NYSE stated that it will apply to the Securities and Exchange Commission ("SEC") to delist the Company's common stock upon completion of all applicable procedures.  The Company does not intend to appeal the delisting determination.  The Company anticipates that its common stock, under the symbol GDPM, will begin trading on the OTC Markets marketplace on January 14, 2016.  Both preferred issues will begin trading under GDPAL and GDUEL, respectively, upon FINRA clearance.  The transition to the over-the-counter markets will not affect the Company's business operations.  The Company will remain subject to the public reporting requirements of the SEC following the transfer.

Goodrich Petroleum Corporation is an independent oil and gas exploration and production company.

 

 

SOURCE Goodrich Petroleum Corporation

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Tough times, I'm surprised it took this long. People have been jumping ship left and right over the past year or so. Unfortunately, there is no where to go for the few that are left.

I hope those in the industry saved their money and planned for a down turn.  They always come around eventually.  Of all the E&Ps in trouble those with good operating areas may still survive with a modest price rebound in 2016.  Unfortunately about all that GDP has left is the TMS and the future of the TMS is in doubt considering the projections for future commodity prices, 2016 and beyond.

Any idea how many operated wells GDP has in Shelby, Mike?

I hope Goodyear survives.  It was a good thing for the Mississippi/Louisiana border property owners.  If West Feleciana had played out things would be looking good along the "Coast of Pointe Coupee."  That ain't gonna happen.  At least not for a good while until the commodity prices go back up.  I think even OPEC is getting nervous.  Meanwhile the dividends are at the gas pump.

Since Goodyear has placed all its eggs in one basket, the TMS, their bankruptcy may reveal what other, solvent, operators think of their TMS holdings.  Does a company pick up the development rights through a bankruptcy liquidation, or do they think they can get leases not HBP in the future for less?  Does any company think that future crude prices will support the relatively high cost of TMS wells?

And what, if anything, should GDP lessors do to protect their interests if a bankruptcy is filed?

Share price at 7 cents midday.

Brietling Energy, Dallas hangs in there trading at $0.30 to $0.33 a share.  But they are still making a little bit of money, so remain active.  Still another one I know of is Petroforce Energy but it is privately held.  It does not have more than four or five employees, so is very low profile.  Hard times in the oil patch.  Even the big outfits are suffering.  I do not see how BP is holding on.  Exxon and Chevron are giants and do it all so have many different profit centers some of which I am sure are suffering but they still make money, just not a lot of money.

Things are quite here in the Barnnet Shale though they have just been assessed as having twice as much gas as first thought.  I have seen some wells come and go and newer wells seemed to be bigger layouts with five or six wells together drilling horizontally in six different directions.

FracTek has scaled back its employees but are still operating.  They are still drilling a few gas wells around us, maybe one rig in all of Parker County.  So they have to travel farther out to do their jobs.

Well Goodrich did some good technology work and perhaps has patent on some of it.  Intellectual property so to speak, has some value.  I think there are still good areas for the little guys to operate and that's in well developed areas like the Bakken and Permian Basin.  So if the little guys stick to proven areas they should make through the bottom.  I do hope Goodrich holds up.

The mid-major and smaller public and independent E&P companies with good reserves should come through this downturn if they are not over leveraged.  The companies in most danger have too much high interest debt and insufficient cash flow to meet their obligations.  They can get by for a while and most have by adding more debt, reverse stock splits and other forms of creative financing but 2016 will see many run out of time and money.  Unfortunately GDP is highly over leveraged and without any remaining assets of sufficient value to sell.

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