Goodrich Petroleum Corp. (NYSE: GDP) announced Monday morning that it would have a secondary public offering of 12 million shares. The price for shares was initially thought to be $4.48, or Friday’s close, but shares priced lower at $4.15. The offering is valued at up to nearly $50 million.

J.P. Morgan will act as the sole underwriter and book-running manager.

Goodrich intends to use the net proceeds from this offering to repay borrowings under its credit facility and for general corporate purposes.

The 52-week trading range for Goodrich is absolutely abysmal, as the stock had a high of $30.52 just last summer and a low of $2.35 in February. Since then shares have taken a slight bounce, but it pales in comparison to the carnage that falling oil has exacted on this stock.

In a sense, Goodrich is on the front line, considering how it has been affected by oil prices relative to other public oil and gas companies. The company earlier this year had said it would cut its planned capital spending by 50%. That it still needs to issue a secondary offering is symptomatic of how smaller oil companies will have deal with the low prices and lower production.

How Low Crude Prices Affect Nations, States and Companies

Goodrich is an independent oil and natural gas company engaged in the exploration, development and production of oil and natural gas. The company holds interests in the Eagle Ford Shale located in south Texas, the Haynesville Shale and Cotton Valley Taylor Sand in northwest Louisiana and east Texas, and the Tuscaloosa Marine Shale located in southwest Mississippi and southeast Louisiana.

Shares of Goodrich were down 7.5% at $4.14 in the second half of Monday’s trading day. The stock has a consensus analyst price target of $6.11 and a market cap of $184 million.

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