Goodrich Petroleum Corp. (NYSE: GDPP) will sell about 2.272 million common shares priced at $11 each in a private placement, for about $25 million of gross proceeds, the company said Dec. 20.

Net proceeds will support the 2017 Haynesville Shale development drilling program and general corporate purposes.

Goodrich currently has more than $40 million in cash, $16.65 million of first-lien debt and $40 million of second-lien debt.

Johnson Rice & Co. LLC was the placement agent.

Goodrich Petroleum Corp. is based in Houston.