Goodrich Petroleum Corp. (GDP) announced that its third-quarter net loss applicable to common stock was $31.0 million or $0.87 per share, compared to net income of $184.8 million or $4.47 per share for the third quarter of 2008, as the prior year period included both a $145.9 million gain on sale of undeveloped leasehold rights in North Louisiana and an $83.5 million gain on derivatives not designated as hedges.
Total revenues for the quarter, which do not include realized gains of $27.6 million on natural gas derivatives not designated as hedges, was $23.5 million, compared to $60.4 million for the prior year period.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.17 per share on revenues of $52.10 million for the quarter. Analysts' estimates typically exclude special items.
The Company currently expects drilling and completion capital expenditures of $35.0 - $40.0 million and net daily production volumes to average between 82,000 and 85,000 Mcfe per day for the fourth quarter of 2009.
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