Paloma Partners VI Holdings LLC, an affiliate of EnCap Energy Capital Fund XI LP, agreed to acquire Goodrich Petroleum Corp. for about $480 million.
Upon completion, Goodrich will become a privately held company.
Goodrich ended third-quarter 2021 with a net loss of $48.0 million and adjusted net income of $16.9 million. Production totaled about 15.3 bcfe in the quarter (99% natural gas).
The company is focused primarily on the Haynesville shale in North Louisiana and East Texas, the Tuscaloosa Marine shale in Eastern Louisiana and Southwestern Mississippi, and the Eagle Ford shale in South Texas.
The tender offer is subject to customary conditions, including the tender of a majority of the outstanding Goodrich shares pursuant to the offer, and is expected to close in December. The transaction is not subject to a financing condition. Paloma has secured from EnCap equity financing commitments for the entire acquisition, including assumption of debt.
