GOODRICH PETROLEUM CORPORATION (OTCMKTS:GDPMQ) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On March 14, 2017, Eugene I. Davis, a director of Goodrich Petroleum Corporation (the “Company”), notified the Company of his intention to resign from his position on the Board of Directors (the “Board”) of the Company, effective as of March 14, 2017. Mr. Davis’ resignation from the Board was not the result of any disagreement with the Company or its management on any matter relating to the Company’s operations, policies or practices.
Under the Company’s Second Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), the holders (the “Warrant Holders”) of a majority of the Company’s outstanding warrants issued to the Company’s First Amended Joint Plan of Reorganization (the “Plan”) to the New 2L Notes Purchasers (as such term is defined in the Plan) to that certain Warrant Agreement, dated as of October 12, 2016, by and between the Company and American Stock Transfer & Trust Company, LLC, are entitled to designate two nominees to serve as the Class I directors on the Board and to fill any vacancy created by the resignation of a Class I director so long as the Warrant Holders are entitled to designate director nominees under the Certificate of Incorporation as of the date of such replacement designation. In accordance with the Certificate of Incorporation, the Warrant Holders have designated Steven J. Pully to replace Mr. Davis as a Class I director and the Board has appointed Mr. Pully effective March 15, 2017. Mr. Pully will also serve as a member of the Audit Committee.
Mr. Pully provides consulting and investment banking services for companies and investors focused on the oil and gas sector. From 2008 until 2014, Mr. Pully served as General Counsel and a Partner of the investment firm Carlson Capital, L.P. Mr. Pully was also previously a Senior Managing Director at Bear Stearns and a Managing Director at Bank of America Securities focused on energy investment banking. Mr. Pully is on three other public company boards, Energy XXI, Bellatrix Exploration and VAALCO Energy and has also served on numerous other boards of public and private companies in the oil and gas and other industries, including as a director of EPL Oil & Gas within the past five years. Mr. Pully is a Chartered Financial Analyst, a Certified Public Accountant in the State of Texas and a member of the State Bar of Texas. Mr. Pully earned his undergraduate degree in Accounting from Georgetown University and is also a graduate of The University of Texas School of Law.
About GOODRICH PETROLEUM CORPORATION (OTCMKTS:GDPMQ)
Goodrich Petroleum Corporation is an independent oil and natural gas company. The Company is engaged in the exploration, development and production of oil and natural gas on properties primarily in Southwest Mississippi and Southeast Louisiana, which includes the Tuscaloosa Marine Shale Trend (TMS); Northwest Louisiana and East Texas, which includes the Haynesville Shale Trend, and South Texas, which includes the Eagle Ford Shale Trend. It has interests in over 193 producing oil and natural gas wells located in over 43 fields in over eight states of the United States. It has estimated proved reserves of approximately 9.1 million barrels of oil equivalent (MMBoe), consisting of over 31.9 billion cubic feet (Bcf) of natural gas and approximately 3.8 million barrels (MMBbls) of oil and condensate. It also maintains ownership interests in acreage and wells in various other fields, including Longwood field in Caddo Parish, Louisiana and the Garfield Unit in Kalkaska County, Michigan. GOODRICH PETROLEUM CORPORATION (OTCMKTS:GDPMQ) Recent Trading Information
GOODRICH PETROLEUM CORPORATION (OTCMKTS:GDPMQ) closed its last trading session at 0.00792 with shares trading hands.