Goodrich Petroleum : GoodrichManagement Presentation

NYSE American: GDP

Management Presentation

September, 2021

• This presentation has been prepared by Goodrich Petroleum Corporation (the "Company") solely for information purposes and may include "forward- looking statements" within the meaning of the U.S. Private Litigation Securities Reform Act of 1995. The Company, its respective employees, directors, officers or advisors, does not make any representation or warranty as to the accuracy or completeness of the information contained in the presentation materials. The Company shall have no liability for this presentation, information contained herein, or any representations (expressed or implied), whether the communications were oral or written. The statements, other than statements of historical facts, included in this presentation that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include, but are not limited to forward-looking statements about acquisitions, divestitures, trades, potential strategic alliances, the availability of capital, the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including the Company's drilling program, production, hedging activities, capital expenditure levels and other guidance that may be included in this presentation. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to the Company's financial performance and results, availability of sufficient cash flow to execute its business plan, prices and demand for oil, natural gas and natural gas liquids, the ability to replace reserves and efficiently develop current reserves, the ability to access the capital markets and finance operations, including capital expenditures, and other important factors that could cause actual results to differ materially from those projected as described in this presentation and the Company's reports filed with the Securities and Exchange Commission. See "Risk Factors" in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases.
• Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

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• GDP believes in environmental, social and governance stewardship. Our culture is one of respect, ethics and honesty. We view safety, personal responsibility, teamwork and inclusion as essential to our Company's sustainability. We are proud of our statistics below, but constantly strive to deliver industry-leading results

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Environmental:
◦	Total Gas Flared: (% of Production - 2020)	.06%
◦ Total GHG Emissions: (2020) (000 Mt) (EPA,LDEQ,MDEQ,TECQ Compliant)	35
◦	Total Water Use (2020 - MMBls):	2.6

• OSHA Compliant Social:

◦	Number of Employees:	43
◦	Percentage of Employees Unionized:	0%
◦ Percentage of Women in the Workforce:	49%
◦ Percentage of Minorities in the Workforce:	20%
Governance:
◦	Size of Board:	8
◦	Independent Directors:	6
◦	Percentage of Independent Directors:	75%
◦	Board Duration:	1 Year
◦ Number of Board Meetings:	9
◦	Board Meeting Attendance:	100%

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HAYNESVILLE PURE PLAY OPPORTUNITY

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12+ Year Inventory of Core Locations (80% Operated)

32,000 Net Acres (Core - De-Risked). 6,000 Net Acres Added YTD and 4,000 Net Acres Added in 2020

 2.37 Tcf of Natural Gas Resource Potential in North
Louisiana		HAYNESVILLE SHALE - CORE
STRONG HAYNESVILLE RESULTS			Proved Reserves (YE20)	560 Bcfe
			Gross (Net) Acres (2Q21):	50,000 (32,000)
		Mississippi	Objective: Haynesville Shale
 Production: 155,400 Mcfe/day (2Q21). 3Q21 Guidance -
165,000 - 175,000 Mcfe/day. 4Q21 Guidance -187,500 -
197,500 Mcfe/day. Midpoint 2022 - 225,000 Mcfe/day	Texas
 Low Finding/Development and Lifting Cost Generating
Strong Rates of Return

• 2.5 Bcf Per 1,000 Feet of Lateral

COMPANY RETURNS AND BALANCE SHEET

• $24.4 Million - 2Q21 EBITDA, Adjusted Earnings of $9.6 Million ($0.72/Share - Basic). 2022 - $190 Million (MP)
• Low Leverage (Net Debt to Annualized 2Q21 EBITDA) - 1.24X. Exit 2021 Estimated Leverage Multiple of ~1.0X
• Top Tier Cash Margin (63%) Driven by Low Per Unit Cash Expense ($0.95, Including Cash Interest).
• Return on Invested Capital (45%) and Attractive Projected Free Cash Flow of $29 Million in 2H21 & $75 Million in 2022, both at the Midpoint of Guidance

TUSCALOOSA MARINE SHALE:

Gross (Net) Acres (4Q20):	48,000 (34,000)
Proved Reserves (YE20 - SEC)	3 Bcfe
Objectives: Tuscaloosa Marine Shale

EAGLE FORD SHALE:

Net Acres (4Q20):	6,000 (4,300)
Proved Reserves (YE20 - SEC)	0

Objectives: Eagle Ford Shale, Pearsall Shale & Buda Lime

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SEC Proved Reserves (Bcfe)		YE20 Proved Reserves by Commodity

	ETX	TMS	NLA - Haynesville	Total	Natural
600	Gas - 540
					543	(99%)
					517
				480
500
			428				Oil - 3
400							(1%)
						YE20 Proved Reserves by Area (Bcfe, %)
300		303					HS - 540
						(99%)
200
							TMS-3
100	55						(1%)
						YE20 Proved Reserves by Category (Bcfe, %)
0
	2015	2016	2017	2018	2019	2020	PUD-388
	PV10 of $337 - $484 Million at		(71%)
		PDP-
	$2.50 - $3.00 NYMEX
							155
							(29%)

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