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ATTRIBUTES OF THE OIL WINDOW OF THE EAGLE FORD SHALE ADAM – Houston November 19, 2010

ATTRIBUTES OF THE OIL WINDOW OF THE EAGLE FORD SHALE ADAM – Houston November 19, 2010. COMPANY PROFILE AND STRATEGY. Rapidly growing onshore E&P company focused in Louisiana and Texas. Repeatable development of multiple objectives with long life reserves and near 100% success rate

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ATTRIBUTES OF THE OIL WINDOW OF THE EAGLE FORD SHALE ADAM – Houston November 19, 2010

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  1. ATTRIBUTES OF THE OIL WINDOW OF THE EAGLE FORD SHALE ADAM – Houston November 19, 2010

  2. COMPANY PROFILE AND STRATEGY • Rapidly growing onshore E&P company focused in Louisiana and Texas. Repeatable development of multiple objectives with long life reserves and near 100% success rate • Rapidly growing production volumes (5 yr CAGR of 34%) and reserves (5 yr CAGR of 24%) • Sale of non-core assets for $70 million provides additional liquidity and drives per unit operating costs lower • Increasing liquids volumes and cash margin expansion from Eagle Ford Shale oil development • Large core acreage position with 220,000 gross (185,000 net) acres in Texas and Louisiana, with approximately 7 Tcf of reserve exposure: • 91,000 net acres prospective in the Haynesville Shale • 40,000 net acres in the oil window of the Eagle Ford Shale in La Salle and Frio counties Texas ’05 – ’09 CAGR: 25% ’05 – ’09 CAGR: 36%

  3. EAGLE FORD SHALE – OIL WINDOW • Why the Eagle Ford Shale Oil Window • Excellent Rock Properties. Very good porosity (4-15%), matrix permeability (40-1,300 nd) and fracture complexity for a shale play. Allows for storage (source rock) and flow (over-pressured reservoir rock) • High presence of carbonate and low presence of clay allows for very effective fracs. Expect variability due to naturally occurring fractures, possible communication with other zones and pressure differences due to depth • Large accumulation of oil in place (25-55 MMBoe per 640 ac). Vertical well production indicates matrix flow and hyperbolic curve. Artificial lift a necessity once pressures drop • Early innings, but estimated recovery of 300-800 MBoe per well on 80-120 acre spacing based on 4,000 – 6,000 foot laterals

  4. ACREAGE AND WELL ECONOMICS • Eagle Ford Shale Acquisition: • Combination of leasehold acquisitions and joint ventures • Total consideration - $1,650/ac ($575/ac in cash and $1,075/ac in future drilling carries). Average working interest of 72.5% (56% NRI). At 80-120 acre spacing yields 333 – 500 net locations • Superior Economics: • Driven by oil prices/cash margin expansion • Eagle Ford - IRR of 45% for 6,000 foot lateral on completed well cost of $7.0 million and estimated EUR of 465 MBOE • Buda – IRR of 58% for 6,000 foot lateral on completed well cost of $3.5 million and estimated EUR of 265 MBOE

  5. EAGLE FORD SHALE TREND Wet Gas Oil Dry Gas

  6. EAGLE FORD SHALE ACTIVITY -2000 -4000 ChesapeakeTraylor North #1HIP: 980 BOE/day -3000 -5000 -4000 El PasoTJ Pearsall #1HCompleting GDP Pan Am C 1H (EFS) Completing Cabot O & G Patrick West #1HIP: 355 BOE/day COG -5000 HK Red Hawk Prospect -6000 PetrohawkMustang Ranch #1HIP: 350 BBL/day Blackbrush Pals Ranch #9H (Buda)IP: 530 BOE/day Cabot O & G Arminius Trust #2HIP: 550 BOE/day PetrohawkMustang Ranch C #1H1st 7-day Avg. (on pump): 570 BBL/day GDP Lancaster C 1H (Buda) IP: 512 BOE/day Cabot O & G Arminius Trust #1HIP: 925 BOE/day EP -6000 HK CHK GDP ChesapeakeWilson A #1HCompleting -7000 Oil Window GDP Burns Ranch A 4H (EFS) Drilling -8000 ChesapeakeBrownlow #1HIP: 1,220 BOE/day GDP Pan Am B 1H (EFS) Formerly (Frances Shiner B-1)IP: 667 BOE/day GDP Burns Ranch A 1H (EFS) Completing EOG ChesapeakeLazy A Cotulla #1HIP: 980 BOE/day -10000 EOG 3 wellsAvg. IP: 525 BOE/day APC El Paso 3 wellsAvg. IP: 1,050 BOE/day Anadarko 3 wellsAvg. IP: 685 BOE/day EP Gas/CondensateWindow -11000 -9000 -12000 -10000

  7. Drilling Procedure • 1,000+ HP rig with top drive • Drill time: • EFS - 30 days spud-to-spud (approximately 22 days to TD). Targeting 6,000 foot laterals. Spud-to-sales dependent on frac availability (two dedicated frac dates per month) and infrastructure • Buda – 25 days drill time, 30 days spud-to-spud and spud-to-sales due to no need for stimulation • Casing program: • Surface casing - 10 ¾” through Carrizo (~ 3,700’) • Intermediate casing – None in quiet geological areas; 7 5/8” into top of EFS or Buda (~ 7,500’) in highly fractured areas • Production casing - 5 ½”, with 2 3/8” – 2 7/8” tubing for EFS and open hole with tubing on Buda wells • Mud program: • EFS – water base (vertical), oil base (lateral) • Buda – water base throughout

  8. Completion Procedure • Induce complex networks of fractures with pump-down plug and perf method • Frac Design: • Intervals of 300-325 feet • Perforations (6 clusters, 5 shots per cluster = 30 perfs per stage) • Fluids (5,500 Bbls per stage - acid, slickwater, gel) • Proppant – 230,000 lbs per stage (100 mesh, 20/40 white, resin coated/ceramic) • Pump rate (65 bpm, 3-5 stages per day) • Flowback – 50-100 BPH. Artificial lift (gas lift, pump) at some point early in life of the well

  9. EAGLE FORD SHALE TYPE CURVE

  10. EAGLE FORD SHALE WELL ECONOMICS Note: 20:1 Gas to oil price conversion

  11. BUDA LIME TYPE CURVE

  12. BUDA LIME WELL ECONOMICS Note: 20:1 Gas to oil price conversion

  13. DRILLING INVENTORY 2010 Capital Program Total Inventory • Internal estimate. • Total Inventory based on the following: 160-acre spacing on horizontal Cotton Valley (Taylor) wells at Beckville, South Henderson and 50% of Minden. James Lime horizontals at Angelina River Trend at 160-acre spacing on Cotton Prospect acreage only, and horizontal Haynesville Shale spacing at 80 acres. • Haynesville Shale reserves estimated at 6.5 Bcf per well at Bethany-Longstreet, Greenwood-Waskom and Metcalf. Shelby Trough and Angelina River Trend estimated at 8.5 Bcf. Reserves of 4.5 Bcf at Longwood, Beckville, and Minden. No estimated reserves for Bossier Shale or Buda Lime included.

  14. POTENTIAL IMPACT OF EAGLE FORD SHALE TO GOODRICH PETROLEUM • Liquids rich resource play allows for cash margin expansion and superior rates of return • Oil play provides great flexibility in allocation of capital based on commodity price realizations and forecasts • Huge resource potential for the acreage increases GDP inventory and unrisked net asset value by 10%, and by a much greater percent when factoring in the improved economics due to current premium in oil prices versus gas • Continue to acquire acreage in our core areas primarily through JV structure (cash and carried interest)

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