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                                                                    EXHIBIT 10.1

                        GOODRICH PETROLEUM CORPORATION

                            1995 STOCK OPTION PLAN

                                  I.  PURPOSE

    The purpose of the GOODRICH PETROLEUM CORPORATION 1995 STOCK OPTION
PLAN (the "PLAN") is to provide a means through which GOODRICH PETROLEUM
CORPORATION, a Delaware corporation (the "COMPANY"), and its subsidiaries may
attract able persons to enter the employ of the Company and provide consulting
services to the Company and to provide a means whereby those key employees and
consultants upon whom the responsibilities of the successful administration and
management of the Company rest, and whose present and potential contributions
to the welfare of the Company are of importance, can acquire and maintain stock
ownership, thereby strengthening their concern for the welfare of the Company
and their desire to remain in its employ and continue to provide consulting
services.  A further purpose of the Plan is to provide such key employees and
consultants with additional incentive and reward opportunities designed to
enhance the profitable growth of the Company.  Accordingly, the Plan provides
for granting Incentive Stock Options, options which do not constitute Incentive
Stock Options, Stock Appreciation Rights, Restricted Stock Awards, Long-Term
Incentive Awards, Phantom Stock Awards, or any combination of the foregoing, as
is best suited to the circumstances of the particular employee or consultant as
provided herein.

                               II.  DEFINITIONS

    The following definitions shall be applicable throughout the Plan unless
specifically modified by any paragraph:

    (a)     "Award" means, individually or collectively, any Option, Restricted
Stock Award, Phantom Stock Award, Long-Term Incentive Award or Stock
Appreciation Right.

    (b)     "Board" means the Board of Directors of the Company.

    (c)     "Change of Control" means the occurrence of any of the
following events:  (i) the Company shall not be the surviving entity in any
merger, consolidation or other reorganization (or survives only as a subsidiary
of an entity other than a previously wholly-owned subsidiary of the Company),
(ii) the Company sells, leases or exchanges all or substantially all of its
assets to any other person or entity (other than a wholly-owned subsidiary of
the Company), (iii) the Company is to be dissolved and liquidated, (iv) any
person or entity, including a "GROUP" as contemplated by Section 13(d)(3) of the
1934 Act, acquires or gains ownership or control (including, without limitation,
power to vote) of more than 50% of the outstanding shares of the Company's
voting stock (based upon voting power), or (v) as a result of or in connection
with a contested election of directors, the persons who were directors of the
Company before such election shall cease to constitute a majority of the Board.

    (d)     "Change of Control Value" shall mean (i) the per share price
offered to stockholders of the Company in any such merger, consolidation,
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reorganization, sale of assets or dissolution transaction, (ii) the price per
share offered to stockholders of the Company in any tender offer or exchange
offer whereby a Change of Control takes place, or (iii) if such Change of
Control occurs other than pursuant to a tender or exchange offer, the Fair
Market Value per share of the shares into which Awards are exercisable, as
determined by the Committee.  In the event that the consideration offered to
stockholders of the Company consists of anything other than cash, the Committee
shall determine the fair cash equivalent of the portion of the consideration
offered which is other than cash.

    (e)     "Code" means the Internal Revenue Code of 1986, as amended.
Reference in the Plan to any section of the Code shall be deemed to include any
amendments or successor provisions to any section and any regulations under
such section.

    (f)     "Committee" means the group of Directors which shall be (i)
constituted so as to permit the Plan to comply with Rule 16b-3 and (ii)
constituted solely of "outside directors," within the meaning of section 162(m)
of the Code and applicable interpretive authority thereunder.

    (g)     "Company" means Goodrich Petroleum Corporation.

    (h)     A "consultant" means any person who is designated, compensated, or
otherwise classified or treated by the Company as an independent contractor.

    (i)     "Director" means an individual elected to the Board by the
stockholders of the Company or by the Board under applicable corporate law who
is serving on the Board on the date the Plan is adopted by the Board or is
elected to the Board after such date.

    (j)     An "employee" means any person (including an officer or a
Director) in an employment relationship with the Company or any parent or
subsidiary corporation (as defined in section 424 of the Code).

    (k)     "1934 Act" means the Securities Exchange Act of 1934, as
amended.

    (l)     "Fair Market Value" means, as of any specified date, the mean
of high and low sales prices of the Stock reported on the New York Stock
Exchange Composite Tape on that date, or if no such price are reported on that
date, on the last preceding date on which such prices of the Stock are so
reported. In the event Stock is not publicly traded at the time a determination
of its value is required to be made hereunder, the determination of its fair
market value shall be made by the Committee in such manner as it deems
appropriate.

    (m)     "Holder" means an employee or consultant who has been granted
an Award.

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    (n)     "Incentive Stock Option" means an incentive stock option
within the meaning of section 422(b) of the Code.

    (o)     "Long-Term Incentive Award" means an Award granted under
Paragraph X of the Plan.

    (p)     "Long-Term Incentive Award Agreement" means a written agreement
between the Company and a Holder with respect to a Long-Term Incentive Award.

    (q)     "Option" means an Award granted under Paragraph VII of the Plan
and includes both Incentive Stock Options to purchase Stock and Options which do
not constitute Incentive Stock Options to purchase Stock.

    (r)     "Option Agreement" means a written agreement between the Company
and a Holder with respect to an Option.

    (s)     "Phantom Stock Award" means an Award granted under Paragraph XI
of the Plan.

    (t)     "Phantom Stock Award Agreement" means a written agreement between
the Company and a Holder with respect to a Phantom Stock Award.

    (u)     "Plan" means the Goodrich Petroleum Corporation 1995 Stock Option
Plan, as amended from time to time.

    (v)     "Restricted Stock Agreement" means a written agreement between the
Company and a Holder with respect to a Restricted Stock Award.

    (w)     "Restricted Stock Award" means an Award granted under Paragraph IX
of the Plan.

    (x)     "Rule 16b-3" means SEC Rule 16b-3 promulgated under the 1934 Act,
as such may be amended from time to time, and any successor rule, regulation or
statute fulfilling the same or a similar function.

    (y)     "Spread" means, in the case of a Stock Appreciation Right, an
amount equal to the excess, if any, of the Fair Market Value of a share of
Stock on the date such right is exercised over the exercise price of such Stock
Appreciation Right.

    (z)     "Stock" means the common stock of the Company.

    (aa)    "Stock Appreciation Right" means an Award granted under Paragraph
VIII of the Plan.

    (ab)    "Stock Appreciation Rights Agreement" means a written
agreement between the Company and a Holder with respect to an Award of Stock
Appreciation Rights.

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                 III.  EFFECTIVE DATE AND DURATION OF THE PLAN

    The Plan shall be effective upon the date of its adoption by the Board,
provided the Plan is approved by the stockholders of the Company within twelve
months thereafter and on or prior to the date of the first annual meeting of
stockholders of the Company held subsequent to the acquisition of an equity
security by a Holder hereunder for which exemption is claimed under Rule 16b-3.
No further Awards may be granted under the Plan after the expiration of ten
years from the date of its adoption by the Board. The Plan shall remain in
effect until all Awards granted under the Plan have been satisfied or expired.

                              IV.  ADMINISTRATION

    (a)     Committee.  The Plan shall be administered by the Committee.

    (b)     Powers.  Subject to the provisions of the Plan, the Committee
shall have sole authority, in its discretion, to determine which employees and
consultants shall receive an Award, the time or times when such Award shall be
made, whether an Incentive Stock Option, nonqualified Option or Stock
Appreciation Right shall be granted, the number of shares of Stock which may be
issued under each Option, Stock Appreciation Right or Restricted Stock Award,
and the value of each Long-Term Incentive Award and Phantom Stock Award.  In
making such determinations the Committee may take into account the nature of
the services rendered by the respective employees and consultants, their
present and potential contribution to the Company's success and such other
factors as the Committee in its discretion shall deem relevant.

    (c)     Additional Powers.  The Committee shall have such additional
powers as are delegated to it by the other provisions of the Plan.  Subject to
the express provisions of the Plan, the Committee is authorized to construe the
Plan and the respective agreements executed thereunder, to prescribe such rules
and regulations relating to the Plan as it may deem advisable to carry out the
Plan, and to determine the terms, restrictions and provisions of each Award,
including such terms, restrictions and provisions as shall be requisite in the
judgment of the Committee to cause designated Options to qualify as Incentive
Stock Options, and to make all other determinations necessary or advisable for
administering the Plan.  The Committee may correct any defect or supply any
omission or reconcile any inconsistency in any agreement relating to an Award
in the manner and to the extent it shall deem expedient to carry it into
effect.  The determinations of the Committee on the matters referred to in this
Article IV shall be conclusive.

               V.  GRANT OF OPTIONS, STOCK APPRECIATION RIGHTS,
                           RESTRICTED STOCK AWARDS,
                          LONG-TERM INCENTIVE AWARDS
                           AND PHANTOM STOCK AWARDS;
                          SHARES SUBJECT TO THE PLAN

    (a)     Stock Grant and Award Limits.  The Committee may from time to
time grant Awards to one or more employees or consultants determined by it to
be eligible for participation in the Plan in accordance with the provisions of
Paragraph VI. Subject to Paragraph XII, the

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aggregate number of shares of Stock that may be issued under the Plan shall not
exceed 3,000,000 shares.  Shares shall be deemed to have been issued under the
Plan only (i) to the extent actually issued and delivered pursuant to an Award,
or (ii) to the extent an Award granted under Paragraph VII, VIII, IX or XI is
settled in cash.  To the extent that an Award lapses or the rights of its
Holder terminate, any shares of Stock subject to such Award shall again be
available for the grant of an Award. Separate stock certificates shall be
issued by the Company for those shares acquired pursuant to the exercise of an
Incentive Stock Option and for those shares acquired pursuant to the exercise
of any Option which does not constitute an Incentive Stock Option.
Notwithstanding any provision in the Plan to the contrary, the maximum number
of shares of Stock that may be subject to Awards granted to any one employee or
consultant during any calendar year is 500,000 shares of Stock (subject to
adjustment in the same manner as provided in Paragraph XII with respect to
shares of Stock subject to Awards then outstanding).  The limitation set forth
in the preceding sentence shall be applied in a manner which will permit
compensation generated in connection with the exercise of Options and Stock
Appreciation Rights and, if determined by the Committee, Restricted Stock
Awards to constitute "performance-based" compensation for purposes of section
162(m) of the Code, including, without limitation, counting against such
maximum number of shares, to the extent required under section 162(m) of the
Code and applicable interpretive authority thereunder, any shares subject to
Options, Stock Appreciation Rights and, if applicable, Restricted Stock Awards,
that are cancelled or repriced.

    (b)     Stock Offered.  The stock to be offered pursuant to the grant
of an Award may be authorized but unissued Stock or Stock previously issued and
outstanding and reacquired by the Company.

                               VI.  ELIGIBILITY

    Awards other than Incentive Stock Options may be granted only to persons
who, at the time of grant, are key employees or consultants. Incentive Stock
Options may be granted only to persons who, at the time of the grant, are key
employees. Further, awards may not be granted to any Director who is not an
employee or a consultant. An Award may be granted on more than one occasion to
the same person, and, subject to the limitations set forth in the Plan, such
Award may include an Incentive Stock Option or an Option which is not an
Incentive Stock Option, a Stock Appreciation Right, a Restricted Stock Award, a
Long-Term Incentive Award, a Phantom Stock Award or any combination thereof.

                              VII.  STOCK OPTIONS

    (a)     Option Period.  The term of each Option shall be as specified
by the Committee at the date of grant.

    (b)     Limitations on Exercise of Option.  An Option shall be
exercisable in whole or in such installments and at such times as determined by
the Committee.

    (c)     Special Limitations on Incentive Stock Options.  To the extent
that the aggregate Fair Market Value (determined at the time the respective
Incentive Stock Option is granted) of

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Stock with respect to which Incentive Stock Options granted after 1986 are
exercisable for the first time by an individual during any calendar year under
all incentive stock option plans of the Company and its parent and subsidiary
corporations exceeds $100,000, such Incentive Stock Options shall be treated as
options which do not constitute Incentive Stock Options.  The Committee shall
determine, in accordance with applicable provisions of the Code, Treasury
Regulations and other administrative pronouncements, which of an optionee's
Incentive Stock Options will not constitute Incentive Stock Options because of
such limitation and shall notify the optionee of such determination as soon as
practicable after such determination.  No Incentive Stock Option shall be
granted to an individual if, at the time the Option is granted, such individual
owns stock possessing more than 10% of the total combined voting power of all
classes of stock of the Company or of its parent or subsidiary corporation,
within the meaning of section 422(b)(6) of the Code, unless (i) at the time
such Option is granted the option price is at least 110% of the Fair Market
Value of the Stock subject to the Option and (ii) such Option by its terms is
not exercisable after the expiration of five years from the date of grant.

    (d)     Option Agreement.  Each Option shall be evidenced by an Option
Agreement in such form and containing such provisions not inconsistent with the
provisions of the Plan as the Committee from time to time shall approve,
including, without limitation, provisions to qualify an Incentive Stock Option
under section 422 of the Code.  An Option Agreement may provide for the payment
of the option price, in whole or in part, by the delivery of a number of shares
of Stock (plus cash if necessary) having a Fair Market Value equal to such
option price.  Each Option Agreement shall provide that the Option may not be
exercised earlier than six months from the date of grant and shall specify the
effect of termination of employment on the exercisability of the Option.
Moreover, an Option Agreement may provide for a "cashless exercise" of the
Option by establishing procedures whereby the Holder, by a properly-executed
written notice, directs (i) an immediate market sale or margin loan respecting
all or a part of the shares of Stock to which he is entitled upon exercise
pursuant to an extension of credit by the Company to the Holder of the option
price, (ii) the delivery of the shares of Stock from the Company directly to a
brokerage firm and (iii) the delivery of the option price from sale or margin
loan proceeds from the brokerage firm directly to the Company.  Such Option
Agreement may also include, without limitation, provisions relating to (i)
subject to the provisions hereof accelerating such vesting on a Change of
Control, vesting of Options, (ii) tax matters (including provisions (y)
permitting the delivery of additional shares of Stock or the withholding of
shares of Stock from those acquired upon exercise to satisfy federal or state
income tax withholding requirements and (z) dealing with any other applicable
employee wage withholding requirements), and (iii) any other matters not
inconsistent with the terms and provisions of this Plan that the Committee
shall in its sole discretion determine.  The terms and conditions of the
respective Option Agreements need not be identical.

    (e)     Option Price and Payment.  The price at which a share of Stock
may be purchased upon exercise of an Option shall be determined by the
Committee, but such purchase price (i) shall not be less than the Fair Market
Value of a share of Stock on the date such Option is granted, and (ii) shall be
subject to adjustment as provided in Paragraph XII.  The Option or portion
thereof may be exercised by delivery of an irrevocable notice of exercise to
the Company.  The purchase price of the Option or portion thereof shall be paid
in full in the manner prescribed by the Committee.

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    (f)     Stockholder Rights and Privileges.  The Holder shall be entitled
to all the privileges and rights of a stockholder only with respect to such
shares of Stock as have been purchased under the Option and for which
certificates of stock have been registered in the Holder's name.

    (g)     Options and Rights in Substitution for Stock Options Granted by
Other Corporations. Options and Stock Appreciation Rights may be granted under
the Plan from time to time in substitution for stock options held by individuals
employed by corporations who become employees as a result of a merger or
consolidation of the employing corporation with the Company or any subsidiary,
or the acquisition by the Company or a subsidiary of the assets of the employing
corporation, or the acquisition by the Company or a subsidiary of stock of the
employing corporation with the result that such employing corporation becomes a
subsidiary.

                       VIII.  STOCK APPRECIATION RIGHTS

    (a)     Stock Appreciation Rights.  A Stock Appreciation Right is the
right to receive an amount equal to the Spread with respect to a share of Stock
upon the exercise of such Stock Appreciation Right.  Stock Appreciation Rights
may be granted in connection with the grant of an Option, in which case the
Option Agreement will provide that exercise of Stock Appreciation Rights will
result in the surrender of the right to purchase the shares under the Option as
to which the Stock Appreciation Rights were exercised.  Alternatively, Stock
Appreciation Rights may be granted independently of Options in which case each
Award of Stock Appreciation Rights shall be evidenced by a Stock Appreciation
Rights Agreement which shall contain such terms and conditions as may be
approved by the Committee.  The terms and conditions of the respective Stock
Appreciation Rights Agreements need not be identical.  The Spread with respect
to a Stock Appreciation Right may be payable either in cash, shares of Stock
with a Fair Market Value equal to the Spread or in a combination of cash and
shares of Stock.  With respect to Stock Appreciation Rights that are subject to
Section 16 of the 1934 Act, however, the Committee shall, except as provided in
Paragraph XII(c), retain sole discretion (i) to determine the form in which
payment of the Stock Appreciation Right will be made (i.e., cash, securities or
any combination thereof) or (ii) to approve an election by a Holder to receive
cash in full or partial settlement of Stock Appreciation Rights.  Each Stock
Appreciation Rights Agreement shall provide that the Stock Appreciation Rights
may not be exercised earlier than six months from the date of grant and shall
specify the effect of termination of employment on the exercisability of the
Stock Appreciation Rights.

    (b)     Exercise Price.  The exercise price of each Stock Appreciation
Right shall be determined by the Committee, but such exercise price (i) shall
not be less than the Fair Market Value of a share of Stock on the date the
Stock Appreciation Right is granted (or such greater exercise price as may be
required if such Stock Appreciation Right is granted in connection with an
Incentive Stock Option that must have an exercise price equal to 110% of the
Fair Market Value of the Stock on the date of grant pursuant to Paragraph
VII(c)), and (ii) shall be subject to adjustment as provided in Paragraph XII.

    (c)     Exercise Period.  The term of each Stock Appreciation Right shall
be as specified by the Committee at the date of grant.

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    (d)     Limitations on Exercise of Stock Appreciation Right.  A Stock
Appreciation Right shall be exercisable in whole or in such installments and at
such times as determined by the Committee.

                         IX.  RESTRICTED STOCK AWARDS

    (a)     Forfeiture Restrictions To Be Established by the Committee. Shares
of Stock that are the subject of a Restricted Stock Award shall be subject to
restrictions on disposition by the Holder and an obligation of the Holder to
forfeit and surrender the shares to the Company under certain circumstances (the
"Forfeiture Restrictions"). The Forfeiture Restrictions shall be determined by
the Committee in its sole discretion, and the Committee may provide that the
Forfeiture Restrictions shall lapse upon (i) the attainment of targets
established by the Committee that are based on (1) the price of a share of
Stock, (2) the Company's earnings per share, (3) the Company's revenue, (4) the
revenue of a business unit of the Company designated by the Committee, (5) the
return on stockholders' equity achieved by the Company, or (6) the Company's
pre-tax cash flow from operations (ii) the Holder's continued employment with
the Company for a specified period of time, or (iii) a combination of any two or
more of the factors listed in clauses (i) and (ii) of this sentence. Each
Restricted Stock Award may have different Forfeiture Restrictions, in the
discretion of the Committee. The Forfeiture Restrictions applicable to a
particular Restricted Stock Award shall not be changed except as permitted by
Paragraph IX(b) or Paragraph XII.

    (b)     Other Terms and Conditions.  Stock awarded pursuant to a Restricted
Stock Award shall be represented by a stock certificate registered in the name
of the Holder of such Restricted Stock Award. The Holder shall have the right to
receive dividends with respect to Stock subject to a Restricted Stock Award, to
vote Stock subject thereto and to enjoy all other stockholder rights, except
that (i) the Holder shall not be entitled to delivery of the stock certificate
until the Forfeiture Restrictions shall have expired, (ii) the Company shall
retain custody of the Stock until the Forfeiture Restrictions shall have
expired, (iii) the Holder may not sell, transfer, pledge, exchange, hypothecate
or otherwise dispose of the Stock until the Forfeiture Restrictions shall have
expired, and (iv) a breach of the terms and conditions established by the
Committee pursuant to the Restricted Stock Agreement, shall cause a forfeiture
of the Restricted Stock Award. At the time of such Award, the Committee may, in
its sole discretion, prescribe additional terms, conditions or restrictions
relating to Restricted Stock Awards, including, but not limited to, rules
pertaining to the termination of employment (by retirement, disability, death or
otherwise) of a Holder prior to expiration of the Forfeiture Restrictions. Such
additional terms, conditions or restrictions shall be set forth in a Restricted
Stock Agreement made in conjunction with the Award. Such Restricted Stock
Agreement may also include, without limitation, provisions relating to (i)
subject to the provisions hereof accelerating vesting on a Change of Control,
vesting of Awards, (ii) tax matters (including provisions (y) covering any
applicable employee wage withholding requirements and (z) prohibiting an
election by the Holder under section 83(b) of the Code), and (iii) any other
matters not inconsistent with the terms and provisions of this Plan that the
Committee shall in its sole discretion determine. The terms and conditions of
the respective Restricted Stock Agreements need not be identical.

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    (c)     Payment for Restricted Stock.  The Committee shall determine the
amount and form of any payment for Stock received pursuant to a Restricted Stock
Award, provided that in the absence of such a determination, a Holder shall not
be required to make any payment for Stock received pursuant to a Restricted
Stock Award, except to the extent otherwise required by law.

    (d)     Agreements.  At the time any Award is made under this Paragraph IX,
the Company and the Holder shall enter into a Restricted Stock Agreement setting
forth each of the matters contemplated hereby and such other matters as the
Committee may determine to be appropriate. The terms and provisions of the
respective Restricted Stock Agreements need not be identical.

                        X.  LONG-TERM INCENTIVE AWARDS

    (a)     Performance Period.  The Committee shall establish, with respect
to and at the time of each Long-Term Incentive Award, a performance period over
which the performance of the Holder shall be measured.

    (b)     Long-Term Incentive Awards.  Each Long-Term Incentive Award shall
have a maximum value established by the Committee at the time of such Award.

    (c)     Performance Measures.  A Long-Term Incentive Award shall be awarded
to an employee or consultant contingent upon future performance of the employee
or consultant, the Company or any subsidiary, division or department thereof by
or in which is he employed during the performance period. The Committee shall
establish the performance measures applicable to such performance prior to the
beginning of the performance period but subject to such later revisions as the
Committee shall deem appropriate to reflect significant, unforeseen events or
changes.

    (d)     Awards Criteria.  In determining the value of Long-Term Incentive
Awards, the Committee shall take into account an employee's or consultant's
responsibility level, performance, potential, other Awards and such other
considerations as it deems appropriate.

    (e)     Payment.  Following the end of the performance period, the Holder
of a Long-Term Incentive Award shall be entitled to receive payment of an
amount, not exceeding the maximum value of the Long-Term Incentive Award, based
on the achievement of the performance measures for such performance period, as
determined by the Committee. Payment of a Long-Term Incentive Award may be made
in cash, Stock or a combination thereof, as determined by the Committee. Payment
shall be made in a lump sum or in installments as prescribed by the Committee.
Any payment to be made in Stock shall be based on the Fair Market Value of the
Stock on the payment date. If a payment of cash is to be made on a deferred
basis, the Committee shall establish whether interest shall be credited, the
rate thereof and any other terms and conditions applicable thereto.

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    (f)     Termination of Employment.  A Long-Term Incentive Award shall
terminate if the Holder does not remain continuously in the employ of the
Company at all times during the applicable performance period, except as may be
determined by the Committee or as may otherwise be provided in the Award at the
time granted.

    (g)     Agreements.  At the time any Award is made under this Paragraph X,
the Company and the Holder shall enter into a Long-Term Incentive Award
Agreement setting forth each of the matters contemplated hereby, and, in
addition such matters as are set forth in Paragraph IX(b) as the Committee may
determine to be appropriate. The terms and provisions of the respective
agreements need not be identical.

                           XI.  PHANTOM STOCK AWARDS

    (a)     Phantom Stock Awards.  Phantom Stock Awards are rights to receive
shares of Stock (or cash in an amount equal to the Fair Market Value thereof),
or rights to receive an amount equal to any appreciation in the Fair Market
Value of Stock (or portion thereof) over a specified period of time, which vest
over a period of time or upon the occurrence of an event (including without
limitation a Change of Control) as established by the Committee, without payment
of any amounts by the Holder thereof (except to the extent otherwise required by
law) or satisfaction of any performance criteria or objectives. Each Phantom
Stock Award shall have a maximum value established by the Committee at the time
of such Award.

    (b)     Award Period.  The Committee shall establish, with respect to and
at the time of each Phantom Stock Award, a period over which or the event upon
which the Award shall vest with respect to the Holder.

    (c)     Awards Criteria.  In determining the value of Phantom Stock Awards,
the Committee shall take into account an employee's or consultant's
responsibility level, performance, potential, other Awards and such other
considerations as it deems appropriate.

    (d)     Payment.  Following the end of the vesting period for a Phantom
Stock Award, the Holder of a Phantom Stock Award shall be entitled to receive
payment of an amount, not exceeding the maximum value of the Phantom Stock
Award, based on the then vested value of the Award. Payment of a Phantom Stock
Award may be made in cash, Stock or a combination thereof as determine by the
Committee. Payment shall be made in a lump sum or in installments as prescribed
by the Committee in its sole discretion. Any payment to be made in Stock shall
be based on the Fair Market Value of the Stock on the payment date. Cash
dividend equivalents may be paid during or after the vesting period with respect
to a Phantom Stock Award, as determined by the Committee. If a payment of cash
is to be made on a deferred basis, the Committee shall establish whether
interest shall be credited, the rate thereof and any other terms and conditions
applicable thereto.

    (e)     Termination of Employment.  A Phantom Stock Award shall terminate
if the Holder does not remain continuously in the employ of the Company at all
times during the applicable vesting period, except as may be otherwise
determined by the Committee or as set forth in the Award at the time of grant.

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    (f)     Agreements.  At the time any Award is made under this Paragraph XI,
the Company and the Holder shall enter into a Phantom Stock Award Agreement
setting forth each of the matters contemplated hereby and, in addition such
matters as are set forth in Paragraph IX(b) as the Committee may determine to be
appropriate. The terms and provisions of the respective agreements need not be
identical.

                   XII.  RECAPITALIZATION OR REORGANIZATION

    (a)     The shares with respect to which Awards may be granted are shares
of Stock as presently constituted, but if, and whenever, prior to the expiration
of an Award theretofore granted, the Company shall effect a subdivision or
consolidation of shares of Stock or the payment of a stock dividend on Stock
without receipt of consideration by the Company, the number of shares of Stock
with respect to which such Award may thereafter be exercised or satisfied, as
applicable, (i) in the event of an increase in the number of outstanding shares
shall be proportionately increased, and the purchase price per share shall be
proportionately reduced, and (ii) in the event of a reduction in the number of
outstanding shares shall be proportionately reduced, and the purchase price per
share shall be proportionately increased.

    (b)     If the Company recapitalizes or otherwise changes its capital
structure, thereafter upon any exercise or satisfaction, as applicable, of an
Award theretofore granted the Holder shall be entitled to (or entitled to
purchase, if applicable) under such Award, in lieu of the number of shares of
Stock then covered by such Award, the number and class of shares of stock and
securities to which the Holder would have been entitled pursuant to the terms
of the recapitalization if, immediately prior to such recapitalization, the
Holder had been the holder of record of the number of shares of Stock then
covered by such Award.

    (c)     In the event of a Change of Control, outstanding Awards other than
Options shall immediately vest and become exercisable or satisfiable, as
applicable. The Committee, in its discretion, may determine that upon the
occurrence of a Change of Control, each Award other than an Option outstanding
hereunder shall terminate within a specified number of days after notice to the
Holder, and such Holder shall receive, with respect to each share of Stock
subject to such Award, cash in an amount equal to the excess, if any, of the
Change of Control Value. Further, in the event of a Change of Control, the
Committee, in its discretion shall act to effect one or more of the following
alternatives with respect to outstanding Options, which may vary among
individual Holders and which may vary among Options held by any individual
Holder: (1) accelerate the time at which Options then outstanding may be
exercised so that such Options may be exercised in full for a limited period of
time on or before a specified date (before or after such Change of Control)
fixed by the Committee, after which specified date all unexercised Options and
all rights of Holders thereunder shall terminate, (2) require the mandatory
surrender to the Company by selected Holders of some or all of the outstanding
Options held by such Holders (irrespective of whether such Options are then
exercisable under the provisions of the Plan) as of a date, before or after such
Change of Control, specified by the Committee, in which event the Committee
shall thereupon cancel such Options and the Company shall pay to each Holder an
amount of cash per share equal to the excess, if any, of the Change of Control
Value of the shares subject to such Option over the exercise price(s) under such
Options for such shares, (3) make such adjustments to Options then outstanding
as the Committee deems

                                     -11-
<PAGE>

appropriate to reflect such Change of Control (provided, however, that the
Committee may determine in its sole discretion that no adjustment is necessary
to Options then outstanding) or (4) provide that thereafter upon any exercise of
an Option theretofore granted the Holder shall be entitled to purchase under
such Option, in lieu of the number of shares of Stock then covered by such
Option the number and class of shares of stock or other securities or property
(including, without limitation, cash) to which the Holder would have been
entitled pursuant to the terms of the agreement of merger, consolidation or sale
of assets and dissolution if, immediately prior to such merger, consolidation or
sale of assets and dissolution the Holder had been the holder of record of the
number of shares of Stock then covered by such Option. The provisions contained
in this paragraph shall be inapplicable to an Award granted within six (6)
months before the occurrence of a Change of Control if the Holder of such Award
is subject to the reporting requirements of Section 16(a) of the 1934 Act. The
provisions contained in this paragraph shall not terminate any rights of the
Holder to further payments pursuant to any other agreement with the Company
following a Change of Control.

    (d)     In the event of changes in the outstanding Stock by reason of
recapitalization, reorganizations, mergers, consolidations, combinations,
exchanges or other relevant changes in capitalization occurring after the date
of the grant of any Award and not otherwise provided for by this Paragraph XII,
any outstanding Awards and any agreements evidencing such Awards shall be
subject to adjustment by the Committee at its discretion as to the number and
price of shares of Stock or other consideration subject to such Awards.  In the
event of any such change in the outstanding Stock, the aggregate number of
shares available under the Plan may be appropriately adjusted by the Committee,
whose determination shall be conclusive.

    (e)     The existence of the Plan and the Awards granted hereunder shall
not affect in any way the right or power of the Board or the stockholders of the
Company to make or authorize any adjustment, recapitalization, reorganization or
other change in the Company's capital structure or its business, any merger or
consolidation of the Company, any issue of debt or equity securities ahead of or
affecting Stock or the rights thereof, the dissolution or liquidation of the
Company or any sale, lease, exchange or other disposition of all or any part of
its assets or business or any other corporate act of proceeding.

    (f)     Any adjustment provided for in Subparagraphs (a), (b), (c) or
(d) above shall be subject to any required stockholder action.

    (g)     Except as hereinbefore expressly provided, the issuance by the
Company of shares of stock of any class or securities convertible into shares
of stock of any class, for cash, property, labor or services, upon direct sale,
upon the exercise of rights or warrants to subscribe therefor, or upon
conversion of shares of obligations of the Company convertible into such shares
or other securities, and in any case whether or not for fair value, shall not
affect, and no adjustment by reason thereof shall be made with respect to, the
number of shares of Stock subject to Awards theretofore granted or the purchase
price per share, if applicable.

                                     -12-
<PAGE>

                 XIII.  AMENDMENT AND TERMINATION OF THE PLAN

    The Board in its discretion may terminate the Plan at any time with respect
to any shares for which Awards have not theretofore been granted. The Board
shall have the right to alter or amend the Plan or any part thereof from time to
time; provided that no change in any Award theretofore granted may be made which
would impair the rights of the Holder without the consent of the Holder (unless
such change is required in order to cause the benefits under the Plan to qualify
as performance-based compensation within the meaning of section 162(m) of the
Code and applicable interpretive authority thereunder), and provided, further,
that the Board may not, without approval of the stockholders, amend the Plan:

    (a)     to increase the maximum number of shares which may be issued on
exercise or surrender of an Award, except as provided in Paragraph XII;

    (b)     to change the Option price;

    (c)     to change the class of employees or consultants eligible to receive
Awards or materially increase the benefits accruing to employees and consultants
under the Plan;

    (d)     to extend the maximum period during which Awards may be granted
under the Plan;

    (e)     to modify materially the requirements as to eligibility for
participation in the Plan; or

    (f)     to decrease any authority granted to the Committee hereunder in
contravention of Rule 16b-3.

                              XIV.  MISCELLANEOUS

    (a)     No Right To An Award.  Neither the adoption of the Plan by the
Company nor any action of the Board or the Committee shall be deemed to give an
employee or consultant any right to be granted an Award to purchase Stock, a
right to a Stock Appreciation Right, a Restricted Stock Award, a Long-Term
Incentive Award or a Phantom Stock Award or any of the rights hereunder except
as may be evidenced by an Award or by an Option Agreement, Stock Appreciation
Rights Agreement, Restricted Stock Agreement, Long-Term Incentive Award
Agreement or Phantom Stock Award Agreement duly executed on behalf of the
Company, and then only to the extent and on the terms and conditions expressly
set forth therein. The Plan shall be unfunded. The Company shall not be required
to establish any special or separate fund or to make any other segregation of
funds or assets to assure the payment of any Award.

    (b)     No Employment Rights Conferred.  Nothing contained in the Plan
shall (i) confer upon any employee any right with respect to continuation of
employment with the Company or any subsidiary, (ii) interfere in any way with
the right of the Company or any subsidiary to terminate his or her employment at
any time, or (iii) eliminate or limit in any way the right of

                                     -13-
<PAGE>

the Company or any subsidiary to terminate the service of any consultant
pursuant to the terms of such consultant's contract with the Company.

    (c)     Other Laws; Withholding.  The Company shall not be obligated to
issue any Stock pursuant to any Award granted under the Plan at any time when
the shares covered by such Award have not been registered under the Securities
Act of 1933 and such other state and federal laws, rules or regulations as the
Company or the Committee deems applicable and, in the opinion of legal counsel
for the Company, there is no exemption from the registration requirements of
such laws, rules or regulations available for the issuance and sale of such
shares. No fractional shares of Stock shall be delivered, nor shall any cash in
lieu of fractional shares be paid. The Company shall have the right to deduct in
connection with all Awards any taxes required by law to be withheld and to
require any payments required to enable it to satisfy its withholding
obligations.

    (d)     No Restriction on Corporate Action.  Nothing contained in the Plan
shall be construed to prevent the Company or any subsidiary from taking any
corporate action which is deemed by the Company or such subsidiary to be
appropriate or in its best interest, whether or not such action would have an
adverse effect on the Plan or any Award made under the Plan. No employee,
consultant, beneficiary or other person shall have any claim against the Company
or any subsidiary as a result of any such action.

    (e)     Restrictions on Transfer.  An Award shall not be transferable
otherwise than by will or the laws of descent and distribution or pursuant to a
"qualified domestic relations order" as defined by the Code or Title I of the
Employee Retirement Income Security Act of 1974, as amended, or the rules
thereunder, and shall be exercisable during the Holder's lifetime only by such
Holder or the Holder's guardian or legal representative.

    (f)     Rule 16b-3.  It is intended that the Plan and any grant of an
Award made to a person subject to Section 16 of the 1934 Act meet all of the
requirements of Rule 16b-3.  If any provision of the Plan or any such Award
would disqualify the Plan or such Award under, or would otherwise not comply
with, Rule 16b-3, such provision or Award shall be construed or deemed amended
to conform to Rule 16b-3.

    (g)     Section 162(m).  It is intended that the Plan comply fully with
and meet all the requirements of Section 162(m) of the Code so that Options and
Stock Appreciation Rights granted hereunder and, if determined by the Committee,
Restricted Stock Awards, shall constitute "performance-based" compensation
within the meaning of such section. If any provision of the Plan would
disqualify the Plan or would not otherwise permit the Plan to comply with
Section 162(m) as so intended, such provision shall be construed or deemed
amended to conform to the requirements or provisions of Section 162(m); provided
that no such construction or amendment shall have an adverse effect on the
economic value to a Holder of any Award previously granted hereunder.

    (h)     Governing Law.  This Plan shall be construed in accordance with
the laws of the State of Texas.

                                     -14-<PAGE>

                                                                    EXHIBIT 10.3

                         REGISTRATION RIGHTS AGREEMENT

     This REGISTRATION RIGHTS AGREEMENT (the "Agreement") is entered into as of
the       st day of February, 2000 among GOODRICH PETROLEUM CORPORATION, a
Delaware corporation (the "Company"), and the PERSONS LISTED UNDER THE CAPTION
"HOLDERS" on the signature pages hereof (the "Holders").

                                R E C I T A L S

     WHEREAS, the Company has offered, and the Holders have agreed to purchase
shares of Common Stock of the Company;

     WHEREAS, the Holders have also previously purchased from the Company
securities convertible into or exercisable for shares of Common Stock and, in
connection with such purchase, were granted certain rights with respect to
registration of such shares;

     WHEREAS, in order to induce the Holders to purchase the Common Stock, and
in lieu of the rights granted to the Holders in connection with their previous
purchase of securities from the Company, the Company has agreed to enter in to
this Registration Rights Agreement and to grant the Rights (as hereinafter
defined) to such Holders contained herein; and

     WHEREAS, in connection with the grant of the Rights hereunder, the rights
granted to the Holders in connection with their previous purchase of securities
from the Company shall be terminated;

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereby agree as
follows:

SECTION 1.  CERTAIN DEFINITIONS AND TERMS.

     Capitalized terms used herein and which are defined in the September
Subscription Agreement shall, when used herein, have the meanings ascribed to
them in the September Subscription Agreement.  Further, for purposes hereof, the
following terms have the meanings indicated:

     "Common Stock" means the common stock, par value $.20 per share, of the
Company.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder.

     "Holders" means any person holding Registrable Shares.
<PAGE>

     "Person" means any individual, firm, corporation, trust, association,
partnership, joint venture or other entity.

     "Registrable Shares" means all shares of Common Stock owned by a Holder
that were issued pursuant to the Subscription Agreement, Common Stock issued or
issuable upon exercise or conversion of the Unit Securities, or Common Stock
issued or issuable with respect to such shares upon any stock split, stock
dividends, recapitalization or similar event with respect to such shares.

     "Register", "registered" and "registration" refer to a registration
effected by preparing and filing a registration statement in compliance with the
Securities Act and the declaration or ordering of effectiveness of such
registration statement.

     "Registration Notice" means a written notice by the Company to the Holders
of its intention to file a registration statement with the SEC.

     "Rights" means rights, remedies, powers, benefits, and privileges.

     "Rule 144" means Rule 144 promulgated under the Securities Act.

     "SEC" means the Securities and Exchange Commission or any successor
thereof.

     "Securities Act" means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder.

     "September Subscription Agreement" means the Subscription Agreement dated
September 21, 1999 among the Company, certain of its subsidiaries and the
Holders pursuant to which the Holders purchased the Unit Securities.

     "Subscription Agreement" means the Subscription Agreement pursuant to which
the Holders purchased shares of Common Stock in an offering consummated in
February 2000.

     "Unit Securities" means the (i) Pari Passu Notes, (ii) Subordinated Notes,
(iii) Lafitte Notes, (iv) Preferred Units, (v) Debt Warrant, and (vi) Preferred
Warrant, each as described in the September Subscription Agreement, purchased by
the Holders pursuant to the September Subscription Agreement.

SECTION 2.  REGISTRATION RIGHTS.

     (a) (i) Holders of an aggregate of at least $500,000 of the Registrable
Shares that are outstanding and not freely tradeable under Rule 144 and (ii)
Holders of at least 50% in value of the Registrable Shares owned by Holders who
cannot otherwise sell their Registrable Shares under Rule 144, shall each have
the right to request, in writing specifying that such request is made pursuant
to this Section 2(a), that the Company file a shelf registration statement under
the Securities Act.  Upon receipt of such request, (i) in the case of a request
made pursuant to Section 2(a)(i), the Company shall file a registration
statement covering such Registrable Shares within 20 days of such request and
(ii) in the

                                       2
<PAGE>

case of a request made pursuant to Section 2(a)(ii), the Company shall file a
registration statement covering such Registrable Securities within 60 days of
such request.

     Notwithstanding the foregoing, the Company shall not be obligated to effect
a registration pursuant to this Section 2(a) during any period starting with a
date sixty (60) days prior to the Company's estimated date of filing of, and
ending on a date six (6) months following the effective date of, a registration
statement pertaining to an underwritten public offering of securities for the
account of the Company, provided that the Company is actively employing in good
faith all reasonable efforts to cause such registration statement to become
effective and that the Company's estimate of the date of filing of such
registration statement is made in good faith.

     In addition, the Company may defer the filing of a registration statement
requested to be filed pursuant to either Section 2(a)(i) or (ii) until a date
not later than sixty (60) days after the time set forth above if the Company or
its subsidiaries are engaged in confidential negotiations or other confidential
business activities, disclosure of which would be required in such registration
statement (but would not be required if such registration statement were not
filed).

     In the case of a registration statement to be filed pursuant to Section
2(a)(ii), if the Company determines in its good faith judgment that the filing
of any supplement or amendment to such registration statement in order to keep
the registration statement effective would require the disclosure of material
information that the Company has a bona fide business purpose for preserving as
confidential, then upon written notice of such determination by the Company to
the Undersigned, the obligation of the Company to supplement or amend the
registration statement will be suspended until the Company notifies the
Undersigned in writing that the reasons for suspension of such obligations no
longer exist and the Company amends or supplements the registration statement as
may be required.  The maximum number of consecutive days during which the
Company may delay the filing of any such supplement or amendment shall not
exceed sixty (60) days.

     Holders agree that they will refrain from requesting registration under
this Section 2(a) if all of the Directors of the Company reasonably believe in
the exercise of their good faith judgment that registration at such time would
be seriously detrimental to the Company, such judgment to be evidenced by a
statement signed by all of such Directors. Deferral of a Holder's registration
rights as a result of the exercise of this provision by the Directors shall in
no event defer registration for a period in excess of ninety (90) days.

SECTION 3.   OBLIGATIONS OF THE COMPANY.

     Whenever required under Section 2 to effect the registration of any
Registrable Shares, the Company shall, as expeditiously as reasonably possible:

     (a)  Prepare and file with the SEC a registration statement with respect to
the Registrable Shares requested to be registered pursuant to Section 2(a)(i),
and use its best efforts to cause such registration statement to become and
remain effective for sixty (60) trading days after the effective date; provided,
however, that the Company shall have no obligation to maintain the effectiveness
of any registration statement filed hereunder or to

                                       3
<PAGE>

cause the information therein to remain current for more than 60 days following
such registration statement's effective date.

     (b) Prepare and file with the SEC a registration statement with respect to
the Registrable Shares requested to be registered pursuant to Section 2(a)(ii),
and use its best efforts to cause such registration statement to become and
remain effective until all such Registrable Shares are sold or are freely
tradeable under Rule 144.

     (c) Furnish to the Holders registering securities in such registration such
numbers of copies of a prospectus in conformity with the requirements of the
Securities Act, and such other documents as they may reasonably request in order
to facilitate the disposition of Registrable Shares owned by the Holders.

     (d) Use its best efforts to register and qualify the securities covered by
such registration statement under such other securities or "Blue Sky" laws of
such jurisdictions as shall be reasonably appropriate for the distribution of
the securities covered by the registration statement; provided that the Company
shall not be required in connection therewith or as a condition thereto to
qualify to do business or to file a general consent to service of process in any
such jurisdictions.

     (e) Immediately notify each Holder selling Registrable Shares and each
underwriter, at any time when a prospectus relating thereto is required to be
delivered under the Securities Act, of the happening of any event as a result of
which the prospectus contained in such registration statement, as then in
effect, includes an untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing and as
promptly as practicable amend or supplement the prospectus or take other
appropriate action so that the prospectus does not include an untrue statement
of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in the light
of the circumstances then existing.

SECTION 4.   EXPENSES OF REGISTRATION.

     All expenses incurred in connection with a registration pursuant to Section
2 (excluding underwriters' discounts and commissions applicable to Registrable
Shares, if any), including without limitation all registration and qualification
fees, printing and accounting fees, and fees and disbursements of counsel for
the Company and the Holder, shall be borne by the Company.

     Each selling Holder shall pay its own costs for experts or professionals
(other than counsel) employed by it or on its behalf in connection with the
registration of Registrable Shares.  No Holder shall have the right to cause the
Company to employ any expert or professional to act on behalf of the Company.

SECTION 5.   INDEMNIFICATION.

     (a)  In the event of registration of any of the Registrable Shares under
the Securities Act, the Company will indemnify and hold harmless the seller of
such Registrable Shares,

                                       4
<PAGE>

each underwriter of such Registrable Shares, and each other person, if any, who
controls such seller or underwriter within the meaning of the Securities Act or
the Exchange Act, or otherwise against any losses, claims, damages or
liabilities, joint or several, to which such seller, underwriter or controlling
person may become subject under the Securities Act, the Exchange Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of any material fact contained in any registration statement
under which such Registrable Shares were registered under the Securities Act,
any preliminary prospectus or final prospectus contained in the registration
statement, or any amendment or supplement to such registration statement, or
arise out of or are based upon the omission or alleged omission to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading; and the Company will reimburse such seller, underwriter,
and each such controlling person for any legal or any other expenses reasonably
incurred by such seller, underwriter, or controlling person in connection with
investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the Company will not be liable in any such case to the
extent that any such loss, claim, damage, or liability arises out of or is based
upon any untrue statement or omission made in such registration statement,
preliminary prospectus or prospectus, or any such amendment or supplement, in
reliance upon and in conformity with written infor mation furnished to the
Company through an instrument duly executed by or on behalf of such seller or
underwriter specifically for use in preparation thereof.

     (b)  In the event of any registration of any of the Registrable Shares
under the Securities Act, each seller of the Registrable Shares, severally and
not jointly, will indemnify and hold harmless the Company, each of its directors
and officers and each underwriter (if any) and each person, if any, who controls
the Company or any such under  writer within the meaning of the Securities Act
or the Exchange Act, against losses, claims, damages or liabilities, joint or
several, to which the Company, such directors and officers, underwriter or
controlling person may become subject under the Securities Act, Exchange Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement of a
material fact contained in any registration statement under which such
Registrable Shares were registered under the Securities Act, any preliminary
prospectus or final prospectus contained in the registration statement, or any
amendment or supplement to the registration statement, or arise out of or are
based upon any omission to state a material fact required to be stated therein
or necessary to make the statements therein not misleading, if the statement or
omission was made in reliance upon and in conformity with information furnished
in writing to the Company by or on behalf of such seller, specifically for use
in connection with the preparation of such registration statement, prospectus,
amendment or supplement.

     (c)  Each party entitled to indemnification under this Section 6 (the
"Indemnified Party") shall give notice to the party required to provide
indemnification (the "Indemnifying Party") promptly after such Indemnified Party
has actual knowledge of any claim as to which indemnity may be sought, and shall
permit the Indemnifying Party to assume the defense of any such claim or any
litigation resulting therefrom; provided that counsel for the Indemnifying
Party, who shall conduct the defense of such claim or litigation, shall be
approved by the Indemnified Party (whose approval shall not unreasonably be
withheld),

                                       5
<PAGE>

and the Indemnified Party may participate in such defense at such party's
expense; and provided further that the failure of any Indemnified Party to give
notice as provided herein shall not relieve the Indemnifying Party of its
obligations under this Section 6. After notice from the Indemnifying Party to
the Indemnified Party of its election to assume the defense of such claim or
litigation, the Indemnifying Party will not be liable to such Indemnified Party
for any legal or other expenses subsequently incurred by such Indemnified Party
in connection with the defense thereof other than reasonable costs of
investigation, unless the Indemnifying Party abandons the defense of such claim
or litigation. No Indemnifying Party, in the defense of any such claim or
litigation, shall, except with the consent of each Indemnified Party, consent to
entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect to such claim or
litigation.

SECTION 6.   RESTRICTIONS ON TRANSFER.

     (a)  Each Holder agrees that he will not sell, dispose of or otherwise
transfer any of the Registrable Shares except (i) upon registration of such
shares under the Securities Act, (ii) pursuant to Rule 144 or such comparable
rules as shall from time to time be in effect, or (iii) in a transaction exempt
from the registration requirements of the Securities Act.  Each Holder agrees
that the Company may issue stop transfer instructions with respect to the
restrictions contained herein on the Registrable Shares.

     (b)  Each certificate representing the Registrable Shares shall bear a
legend substantially in the following form:

          "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
     REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
     SOLD, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE
     WITH SUCH ACT AND THE RULES AND REGULATIONS THEREUNDER AND IN ACCORDANCE
     WITH APPLICABLE STATE SECURITIES LAWS.  THE COMPANY WILL NOT TRANSFER SUCH
     SECURITIES EXCEPT UPON RECEIPT OF A FAVORABLE OPINION OF COUNSEL AND/OR
     EVIDENCE SATISFACTORY TO THE COMPANY THAT THE REGISTRATION PROVISIONS OF
     SUCH ACT HAVE BEEN COMPLIED WITH OR THAT SUCH REGISTRATION IS NOT REQUIRED
     AND THAT SUCH TRANSFER WILL NOT VIOLATE ANY APPLICABLE STATE SECURITIES
     LAWS."

SECTION 7.   REPORTS UNDER SECURITIES EXCHANGE ACT OF 1934.

     With a view to making available to the Holders the benefits of Rule 144 and
any other rule or regulation of the SEC that may at any time permit a Holder to
sell securities of a company to the public without registration, at any time and
from time to time, the Company agrees to use its best efforts to:

     (a) Make and keep public information available, as those terms are
understood and defined in Rule 144 as is necessary to enable the Holders to make
sales of their stock pursuant to Rule 144;

                                       6
<PAGE>

     (b) File with the SEC in a timely manner all reports and other documents
required of the Company under the Securities Act and the Exchange Act; and

     (c) Furnish to the Holders, so long as the Holders own any Registrable
Shares, forthwith upon request, a written statement by the Company that it has
complied with the reporting requirements of Rule 144 and of the Securities Act
and the Exchange Act (at any time after it has become subject to such reporting
requirements), a copy of the most recent annual or quarterly report of the
Company, and such other reports and documents so filed by the Company as may be
reasonably requested in availing Holders of any rule or regulation of the SEC
permitting the selling of any such securities without registration.

SECTION 8.  MISCELLANEOUS.

      (a) Relationships and Rights of the Holders.  The Holders agree that,
notwithstanding that certain Rights of each Holder herein may be affected by
similar Rights of other Holders the Holders shall, in respect of the ownership
of the Registrable Shares, not be related as, or deemed to be, a partnership,
joint venture, or other "group" for the purpose of acquiring, holding, voting,
or disposing of capital stock of the Company.

     (b) Adjustments for Consolidation, Merger, Sale of Assets, Reorganization,
Etc.  In case the Company, (a) shall consolidate with or merge into any other
Person and shall not be the continuing or surviving entity of such consolidation
or merger, or (b) shall permit any other Person to consolidate with or merge
into the Company and the Company shall be the continuing or surviving Person
but, in connection with such consolidation or merger, the Common Stock shall be
changed into or exchanged for stock or other securities or property of any other
Person, or (c) shall transfer all or substantially all of its properties and
assets to any other Person, or (d) shall effect a capital reorganization or
reclassification of the Company, then, and in each such case, proper provision
shall be made so that the Holders, at any time after the consummation of such
consolidation, merger, transfer, reorganization or reclassification, shall be
entitled to registration rights with respect to the stock and other securities
received in such consolidation, merger, transfer, reorganization or
reclassification to which such Holders would have been entitled upon such
consummation if such Holders had so exercised their Rights immediately prior
thereto.

     (c) Headings.  The headings, captions, and arrangements used herein are,
unless specified otherwise, for convenience only and shall not be deemed to
limit, amplify, or modify the terms hereof, nor affect the meaning thereof.

     (d)  Notices.  Unless otherwise specifically provided, all notices,
consents, requests or other documents required or expressly provided to be
furnished hereunder shall be in writing and delivered by hand, or sent by
facsimile transmission, prepaid air courier or prepaid U.S. registered mail,
return receipt requested, if to the Holders, to the address as set forth below
on the signature pages to the Agreement, and, if to the Company, as follows:

                                       7
<PAGE>

          The Company:        Goodrich Petroleum Corporation
                              333 Texas Street, Suite 1375
                              Shreveport, Louisiana 71101
                              Attn: Walter G. Goodrich
                              Fax:  (318) 429-2296

          with a copy to:     Vinson & Elkins L.L.P.
                              1001 Fannin, Suite 2300
                              Houston, Texas 77002
                              Attention: Keith R. Fullenweider
                              Fax:  (713) 615-5855

provided that any notice furnished by facsimile shall be followed immediately
with notice by delivery using one of the other means of notice provide for
above.  The addresses and facsimile numbers for notices to a party given
pursuant to this Agreement may be changed by means of a written notice given to
the other party in the manner stated above at least two business days prior to
the effective date of such change.  Any notice delivered by any of the means
provided for above shall be considered effective upon receipt by or on behalf of
the intended recipient; provided, however, that any notice sent by prepaid U.S.
registered mail, return receipt requested, to the address provided for above
shall be considered effective on the fifth day after mailing, if not previously
received.

     (d) Governing Law.  THIS AGREEMENT IS BEING EXECUTED AND DELIVERED BY A
NUMBER OF THE PARTIES HERETO, AND IS INTENDED TO BE PERFORMED, IN THE STATE OF
TEXAS, AND THE INTERNAL LAWS OF SUCH STATE AND OF THE UNITED STATES OF AMERICA
SHALL GOVERN THE RIGHTS AND DUTIES OF THE PARTIES HERETO AND THE VALIDITY,
CONSTRUCTION, ENFORCEMENT, AND INTERPRETATION HEREOF.

                                       8
<PAGE>

     (e) Invalid Provisions.  If any provision hereof is held to be illegal,
invalid, or unenforceable under present or future laws effective during the term
hereof, such provision shall be fully severable; this Agreement shall be
construed and enforced as if such illegal, invalid, or unenforceable provision
had never comprised a part hereof; and the remaining provisions hereof shall
remain in full force and effect and shall not be affected by the illegal,
invalid, or unenforceable provision by its severance here from.  Furthermore, in
lieu of such illegal, invalid, or unenforceable provision, the parties hereto
agree to add as a part hereof a provision as similar in terms to such illegal,
invalid, or unenforceable provision as may be possible and be legal, valid, and
enforceable which preserves the same economic benefits to the parties hereto.

IN WITNESS WHEREOF, this Registration Rights Agreement has been duly executed
and delivered to be effective as of the date first above written.

                                         GOODRICH PETROLEUM CORPORATION,
                                           a Delaware corporation

                                         By: /s/ Walter G. Goodrich
                                            -------------------------------
                                                   Walter G. Goodrich
                                                   President

                                       9
<PAGE>

THE HOLDERS

-----------------------------------------
Donald M. Campbell
560 Remillard Drive
Hillsborough, CA 94010-6740

-----------------------------------------
Delaware Charter Guaranty & Trust Co.
(Custodian for Donald M. Campbell Money
Purchase Pension Plan)
c/o Hambrecht & Quist LLC
One Bush Street
San Francisco, CA 94104

-----------------------------------------
L. S. & Co.
746 Webster Street
Palo Alto, CA 94301

-----------------------------------------
Michael Y. McGovern
20114 Anson Falls
Katy, TX 77450

-----------------------------------------
Stacey B. Case
200 Walnut Street
San Francisco, CA 94118

-----------------------------------------
Daniel Hibbard Case, III
200 Walnut Street
San Francisco, CA 94118

-----------------------------------------
Hambrecht & Quist Guaranty Finance, LLC
One Bush Street
San Francisco, CA 94104

-----------------------------------------
Alps Investments, LLC
P.O. Box 9040
McLean, VA 22102

-----------------------------------------
Andrew W. Kahn
94 St. Thomas Way
Tiburon, CA 94920

-----------------------------------------
Eric E. Schmidt and Wendy B. Schmidt,
Trustees
Schmidt Family Living Trust UAD 1/1/87
366 Walsh Road
Atherton, CA  94027

-----------------------------------------
Victor Partners
c/o Jonathan Victor, General Partner
1605 Gilcrest Drive
Beverly Hills, CA 90210

-----------------------------------------
Laurence B. Simon - Roth IRA
48 Edgewood Drive
Greenwich, CT  06831

                                       10
<PAGE>

THE HOLDERS

-----------------------------------------
Mark Goldner and Helene Hordes,
Trustees
Paul Goldner Retained Annuity Trust
UAD 8/31/94
15 Hilton Place
Montvale, NJ  07645

-----------------------------------------
Mark S. Ain
225 Bishops Forest Drive
Walthan, MA  02452-8804

-----------------------------------------
Ross Garber and Laurie Garber
Tenants in Common
101 Pascal Lane
Austin, TX  78746

-----------------------------------------
James V. Diller and June P. Diller,
Trustees, FBO
James V. Diller and June P. Diller Trust
UAD 7/20/77
131 Escobar Road
Portola Valley, CA  94028

-----------------------------------------
Kenneth A. Goldman and Susan Valierote,
Trustees
Goldman-Valierote Family Trust
UAC 11/15/95
425 Broadway Street
Redwood City, CA  94063

-----------------------------------------
Robert M. Gold
1117 E. Woodward Boulevard
Tulsa, OK  74114

-----------------------------------------
EIC/GDP Investors, LLC
Entrepreneurial Corp.
4100 Newport Place, Suite 400
Newport Beach, CA  92660

-----------------------------------------
Ralph and Catherine Witherell Living Trust
UTD 11/14/96
c/o Hambrecht & Quist
One Bush Street
San Francisco, CA  94104

-----------------------------------------
Steven P. Carroll and Jessica L. Carroll
1998 Trust
UAD 6/5/98
c/o Hambrecht & Quist
One Bush Street
San Francisco, CA  94104

-----------------------------------------
Gary R. Patterson Trustee
The Gary R. Patterson Living Trust
UAD 10/7/96
4133 20th Street
San Francisco, CA  94114

                                       11
<PAGE>

THE HOLDERS

-----------------------------------------
Vinod Gupta, Trustee
Vinod Gupta Charitable Remainder
Trust UAD 8/28/92
Info USA
5711 South 86th Circle
Omaha, NE  68127

-----------------------------------------
Vinod Gupta, General Partner
Gupta & Sons LP
5711 South 86th Circle
Omaha, NE  68127

-----------------------------------------
Everest Venture Partners, LLP
5711 South 86th Circle
Omaha, NE  68127

-----------------------------------------
Jon D. Hoffmaster, Trustee, Vinod Gupta
Irrevocable Trust FBO Benjamin K. Gupta
UAD 6/15/90
5711 South 86th Circle
Omaha, NE  68127

-----------------------------------------
Jon D. Hoffmaster, Trustee, Vinod Gupta
Irrevocable Trust FBO Alexander A. Gupta
UAD 6/15/90
5711 South 86th Circle
Omaha, NE  68127

-----------------------------------------
Jon D. Hoffmaster, Trustee, Vinod Gupta
Irrevocable Trust FBO Jess A. Gupta
UAD 6/15/90
5711 South 86th Circle
Omaha, NE  68127

-----------------------------------------
Vinod Gupta, Trustee
Vinod Gupta Revocable Trust
UAD 8/28/92
5711 South 86th Circle
Omaha, NE  68127

-----------------------------------------
Patrick E. Malloy
Bay Street at the Water Front
Sag Harbor, NY  11963

-----------------------------------------
Michael D. Fulton and Katheryn E. Cole
6328 NE 194th Street
Kenmore, WA  98028

                                       12

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