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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

For Fiscal Year Ended December 31, 2003

Commission file number 1-7940

GOODRICH PETROLEUM CORPORATION

(Exact name of registrant as specified in its charter)

Registrant’s telephone number, including area code is (713) 780-9494

Securities registered pursuant to Section 12(b) of the Act:

Securities registered pursuant to Section 12(g) of the Act:

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x        No ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨

At April 9, 2004, there were 18,506,354 shares of Goodrich Petroleum Corporation common stock outstanding. The aggregate market value of shares of common stock held by non-affiliates of the registrant as of April 9, 2004, was approximately $45,337,000 based on a closing price of $6.75 per share on the New York Stock Exchange on such date.

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes ¨        No x

At June 30, 2003, the aggregate market value of Goodrich Petroleum Corporation common stock held by non-affiliates was $25,490,100.

Documents Incorporated By Reference

Portions of the registrant’s annual proxy statement, to be filed within 120 days after December 31, 2003, are incorporated by reference into Part III of this Form 10-K.

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GOODRICH PETROLEUM CORPORATION

FORM 10-K

December 31, 2003

INDEX

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PART I

Items 1 and 2.    Business and Properties.

General

Goodrich Petroleum Corporation and subsidiaries (“Goodrich” or the “Company”) is an independent oil and gas company engaged in the exploration, exploitation, development and production of oil and natural gas properties primarily in the transition zone of south Louisiana and in East Texas, north Louisiana and the Gulf Coast of Texas. The Company owns working interests in 85 active oil and gas wells located in 22 fields in four states. At December 31, 2003, Goodrich had estimated proved reserves of approximately 7.8 million barrels of oil and condensate and 30.9 billion cubic feet (“Bcf”) of natural gas, or an aggregate of 77.7 Bcf equivalent (“Bcfe”) with a pre-tax present value of future net revenues, discounted at 10%, of $214.6 million and an after-tax present value of future net revenues of $163.97 million.

The Company’s principal executive offices are located at 808 Travis Street, Suite 1320, Houston, Texas 77002. The Company also has an office in Shreveport, Louisiana. At April 9, 2004, the Company had 37 employees.

Company Background and Business Strategy

Goodrich resulted from a business combination on August 15, 1995 between La/Cal Energy Partners (“La/Cal”) and Patrick Petroleum Company and subsidiaries (“Patrick”).

The Company’s business strategy is to provide long term growth in net asset value per share, through the growth and expansion of its oil and gas reserves and production. The Company focuses on adding reserve value through the careful evaluation and aggressive pursuit of oil and gas drilling and acquisition opportunities. Economic analyses are prepared on each drilling and acquisition opportunity with criteria of adding net present value for every dollar invested. In addition, the Company implements an active hedging program designed to partially reduce commodity price risks in an effort to realize the desired economic returns.

Several of the key elements of Goodrich’s business strategy are the following:

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Oil and Gas Operations and Properties

The following is a summary description of the Company’s oil and gas properties.

Louisiana

The majority of the Company’s proved oil and natural gas reserves are in the transition zone of the south Louisiana producing region. This region refers to the geographic area that covers the onshore and in-land waters of south Louisiana lying in the southern half of Louisiana, which is one of the most prolific oil and natural gas producing sedimentary basins. The region generally contains sedimentary sandstones, which are of high qualities of porosity and permeabilities. There is a myriad of types of reservoir traps found in the region. These traps are generally formed by faulting, folding and subsurface salt movement, or a combination of one or more of these.

The formations found in the southern Louisiana producing region range in depth from 1,000 feet to 20,000 feet below the surface. These formations range from the Sparta and Frio formations in the northern part of the region to Miocene and Pleistocene in the southern part of the region. The Company’s production comes predominately from Miocene and Frio age formations.

Burrwood and West Delta 83 Fields.    The Burrwood and West Delta 83 fields, located in Plaquemines Parish, Louisiana, were discovered in 1955 by Chevron. The fields lie upthrown to a large down-to-the southeast growth fault system with the structure striking northeast-southwest and dipping northwestward in a counter-regional direction. The fields have collectively produced over 49 million barrels of oil and 144 Bcf of natural gas. The productive sands are Miocene and Pliocene age sands ranging in depth from 6,300 feet to approximately 11,700 feet. There are currently 21 active producing wells in the fields.

Goodrich acquired a 95% working interest in approximately 8,600 acres of the Burrwood and West Delta 83 fields through an acquisition that closed on March 2, 2000 with an effective date of January 1, 2000. On March 12, 2002, the Company monetized a portion of the value created in the two fields by selling a 30% working interest in the existing production and shallow rights, and a 15% working interest in the deep rights below 10,600 feet, in such fields for $12 million to Malloy Energy Company, LLC (“MEC”) led by Patrick E. Malloy, III and participated in by Sheldon Appel, who was a member of the Company’s Board of Directors at that time, as well as Josiah Austin, who subsequently became a member of the Company’s Board of Directors (Mr. Malloy is currently Chairman of the Company’s Board of Directors and Mr. Appel retired from the Board of Directors in February 2004). For a further discussion of this transaction, see Note C of the Company’s consolidated financial statements in Item 8.

Lafitte Field.    The Lafitte field is located in Jefferson Parish, Louisiana and was discovered in 1935 by Texaco. The Lafitte field is a large, north-south elongated salt dome anticline feature. There are currently more

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than thirty (30) defined productive sands, which have collectively produced in excess of 264 million barrels of oil and 319 Bcf of natural gas. The productive sands are Miocene and Pliocene age sands ranging in depth from 3,000 feet to approximately 12,000 feet. There are currently 26 active producing wells in the field. In September 1999, the Company acquired a non-operated working interest of approximately 49% in the Lafitte field with respect to the field’s leases, surface facilities and equipment and a non-operated working interest of approximately 45% in the active producing wells. In November 1999, the Company acquired additional interests, resulting in a field-wide non-operated working interest of approximately 49%.

Second Bayou Field.    The Second Bayou field is located in Cameron Parish, Louisiana and was discovered in 1955 by the Sun Texas Company. Goodrich is the operator of eight producing wells, five of which are dually completed, and has an average working interest of approximately 31% in 1,395 gross acres. To date, the field has produced over 425 Bcf of natural gas and 3.6 million barrels of oil from multiple Miocene aged sands ranging from 4,000 to 15,200 feet.

Pecan Lake Field.    The Pecan Lake field was discovered in 1944 by the Superior Oil Company. Geologically, the field is comprised of a relatively low relief, four-way closure and multiple stacked pay sands. The Pecan Lake field comprises approximately 870 gross leased acres in Cameron Parish, Louisiana. The field has produced from over 15 Miocene aged sands ranging in depths from 7,500 to 11,800 feet, which have been predominately gas and gas condensate reservoirs. These sand reservoirs are characterized by generally widespread development and strong waterdrive production mechanisms. The field has produced in excess of 354 Bcf of gas and 798,000 barrels of condensate. All of the field production to date has come from normal pressured reservoirs. The Company is the operator of two producing wells with working interests ranging from approximately 43% to 47%.

Isle St. Jean Charles Field.    Isle St. Jean Charles field is located in Terrebonne Parish, Louisiana. The field is a northwest extension of the Bayou Jean LaCroix field located in the southeastern area of the Parish. These fields are trapped on a four-way closure, downthrown on a major east-west trending down to the south fault.

Production is from multiple Miocene-aged sands, which are normally pressured and range in depth from 9,000 feet to 13,000 feet. The field was developed primarily in the 1950’s by Exxon and reservoirs have exhibited both depletion and water drive mechanisms. To date, this field has produced in excess of 57 Bcf of gas and 6.61 million barrels of oil and condensate. Goodrich owns an approximate 34% working interest in its leasehold of approximately 425 acres.

Bethany-Longstreet.    The Bethany-Longstreet field is located in Caddo and DeSoto Parishes in northwestern Louisiana and was discovered by several independent oil and gas companies in the late 1940’s and early 1950’s. The majority of the production in the field has come from the “Crane” zone of the Pettit formation which was developed primarily in the 1950’s and 1960’s. In July 2003, the Company obtained, via farmout, the right to drill and earn all rights, excluding exploration rights to the Crane zone of the Pettit formation, in approximately 18,000 acres in the field. The Company, will retain continuous drilling rights to the entire block so long as it drills at least one well every 120 days. For each productive well drilled under the agreement, the Company will earn an assignment of 160 acres. The Company has begun exploration and development drilling activities in the field and completed three successful wells as of December 31, 2003. The Company anticipates drilling additional wells on the block in 2004 and expects that its working interests in the wells will range between 50% and 70%.

Plumb Bob.    The Plumb Bob field is located in St. Martin Parish in southern Louisiana and was originally discovered by Texaco in 1939. Apache acquired the field from Texaco in a large divesture package in 1995 and did not drill any additional wells in the field prior to the time it was abandoned in 1997. In September 2003, the Company reached an agreement with a subsequent owner to obtain certain rights in the field. The rights include oil and gas leases covering approximately 450 acres, 3-D seismic permits with oil and gas lease options covering approximately 17,000 acres, seven existing shut-in wellbores, where the Company has identified recompletion

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projects, and the rights to acquire related production facilities and pipelines upon establishment of production. The Company’s plans include a workover and well reactivation program, the shooting of a 32 square mile 3-D seismic survey and post 3-D exploitation and development drilling activities. The Company has begun workover drilling activities in the field and had restored production capability in three wells as of December 31, 2003. The 3-D seismic shoot began during the fourth quarter of 2003 and is expected to be completed in the second quarter of 2004. Based on its expected 70% working interest, the Company has budgeted net capital expenditures in the Plumb Bob field of up to $3.7 million in the full year 2004.

Other.    In July 2003, the Company acquired an 18% working interest in two non-operated exploratory prospects encompassing a total of approximately 1,100 acres adjacent to the Bayou Choupique field in Calcasieu Parish, Louisiana. Exploratory wells were drilled on each of the prospects in the third quarter of 2003 with one such well being successful and the other well being unsuccessful. Oil and gas production from the successful well commenced in November 2003. The Company anticipates that the operator will propose the drilling of an offset well to the successful well in the second quarter of 2004, at which time the Company will decide whether to make an election to participate.

The Company maintains ownership interests in acreage and wells in several additional fields in Louisiana, including the (i) City of Lake Charles field, located in Calcasieu Parish, (ii) Mosquito Bay field, located in Terrebonne Parish, (iii) Ada field, located in Bienville Parish, and (iv) Lake Raccourci field, located in Terrebonne Parish.

Texas

Goodrich presently has production operations in the eastern, western and southern regions of Texas, as more fully described in the three succeeding paragraphs. Additionally as indicated below under “East Texas Drilling Program”, the Company is currently undertaking a major new drilling initiative in several additional counties in the eastern portion of Texas.

Sean Andrew Field.    The Sean Andrew field in Dawson County, Texas was discovered by the Company in 1994 utilizing the Company’s 375 square mile 3-D seismic database in West Texas. The Company is the operator of two wells in the field and holds an approximate 37.5% working interest.

Marholl Field.    The Marholl field is a Siluro-Devonian (Fussellman) field in Dawson County, Texas, discovered in 1995 through the use of 3-D seismic. The Company operates two wells in the field with an approximate 23% working interest.

Mary Blevins Field.    The Mary Blevins field is located in Smith County, Texas. It was a new discovery that is fault separated from Hitts Lake field, which was discovered in 1953 by Sun Oil. Currently, there are four producing wells in the field in which Goodrich serves as operator, having an approximate 48% working interest in 782 gross acres. To date, Hitts Lake has produced over 14 million barrels of oil and Mary Blevins has produced over 551,000 barrels of oil from the Paluxy, which occurs at a depth of approximately 7,300 feet. In the fourth quarter of 2003, the Company commenced a waterflood project in the Mary Blevins field. As a result of the waterflood project, the Company anticipates enhanced production from the Mary Blevins field beginning in the second half of 2004.

East Texas Drilling Program.    In the first quarter of 2004, the Company commenced a new drilling initiative which is focused on the Cotton Valley trend in the East Texas Basin in Rusk, Panola and Smith Counties. As of April 9, 2004, the Company had acquired leases totaling approximately 15,000 gross acres and is attempting to acquire additional acreage in the area. The Company presently owns varying working interests ranging from 40% to 100% in the acquired leases and expects to commence a low risk drilling program which will target objectives primarily in the Cotton Valley formation. The Company has preliminarily budgeted total 2004 capital expenditures of approximately $6.5 million under this new drilling initiative. Depending on early results of the drilling program, the Company may elect to increase its level of lease acquisitions and drilling activities in the East Texas Basin.

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Other.    The Company maintains ownership interests in acreage and wells in several additional fields in Texas including the (i) Ackerly field, located in Dawson and Howard Counties, (ii) Lamesa Farms field, located in Dawson County, and (iii) Midway field, located in San Patricio County.

Australia

In the early 1990’s, the Company acquired non-operating interests in two offshore exploration permits in the Carnarvon Basin of Western Australia. In the first quarter of 2003, the Company participated in the drilling of an unsuccessful exploratory well on one of the permits. The Company subsequently relinquished its interests in both exploration permits and has no further plans with respect to any exploration and development operations in Australia.

Oil and Natural Gas Reserves

The following tables set forth summary information with respect to the Company’s proved reserves as of December 31, 2003 and 2002, as estimated by the Company by compiling reserve information, substantially all of which was prepared by the engineering firm of Coutret and Associates, Inc.

Reserve engineering is a subjective process of estimating underground accumulations of crude oil, condensate and natural gas that cannot be measured in an exact manner, and the accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. The quantities of oil and natural gas that are ultimately recovered, production and operating costs, the amount and timing of future development expenditures and future oil and natural gas sales prices may differ from those assumed in these estimates. Therefore, the pre-tax Present Value of Future Net Revenues amounts shown above should not be construed as the current market value of the oil and natural gas reserves attributable to the Company’s properties.

In accordance with the guidelines of the Securities and Exchange Commission (SEC), the engineers’ estimates of future net revenues from the Company’s properties and the pre-tax Present Value of Future Net Revenues thereof are made using oil and natural gas sales prices in effect as of the dates of such estimates and are held constant throughout the life of the properties, except where such guidelines permit alternate treatment, including the use of fixed and determinable contractual price escalations. The prices as of December 31, 2003, and 2002 used in such estimates averaged $6.42 and $4.35 per Mcf, respectively, of natural gas and $31.75 and $28.80 per Bbl, respectively, of crude oil/condensate.

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Productive Wells

The following table sets forth the number of active well bores in which the Company maintains ownership interests as of December 31, 2003:

Productive wells consist of producing wells and wells capable of production, including gas wells awaiting pipeline connections. A gross well is a well in which the Company maintains an ownership interest, while a net well is deemed to exist when the sum of the fractional working interests owned by the Company equals one. Wells that are completed in more than one producing horizon are counted as one well. Of the gross wells reported above, eight had multiple completions.

Acreage

The following table summarizes the Company’s gross and net developed and undeveloped natural gas and oil acreage under lease as of December 31, 2003. Acreage in which the Company’s interest is limited to a royalty or overriding royalty interest is excluded from the table and does not include acreage acquired in the East Texas Basin (see “Texas – East Texas Drilling Program”) acquired subsequent to December 31, 2003.

Undeveloped acreage is considered to be those lease acres on which wells have not been drilled or completed to the extent that would permit the production of commercial quantities of natural gas or oil, regardless of whether or not such acreage contains proved reserves. As is customary in the oil and gas industry, the Company can retain its interest in undeveloped acreage by drilling activity that establishes commercial production sufficient to maintain the leases or by payment of delay rentals during the remaining primary term of such a lease. The natural gas and oil leases in which the Company has an interest are for varying primary terms; however, most of the Company’s developed lease acreage is beyond the primary term and is held so long as natural gas or oil is produced.

Operator Activities

The Company operates a majority in value of its producing properties, and will generally seek to become the operator of record on properties it drills or acquires in the future.

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Drilling Activities

The following table sets forth the drilling activities of the Company for the last three years. (As denoted in the following table, “Gross” wells refers to wells in which a working interest is owned, while a “net” well is deemed to exist when the sum of fractional ownership working interests in gross wells equals one.)

Net Production, Unit Prices and Costs

The following table presents certain information with respect to oil, gas and condensate production attributable to the Company’s interests in all of its fields, the revenue derived from the sale of such production, average sales prices received and average production costs during each of the years in the three-year period ended December 31, 2003.

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The Company’s acquisition strategy for the Gulf Coast Basin calls for the acquisition of mature oil and gas fields with declining production profiles, established production histories and multiple productive sands that have been overlooked and/or starved of capital. Acquisitions of this type generally require significant lease operation, exploration and capital expenditure cash outlays during initial years of ownership. The Company’s Lafitte, Burrwood and West Delta 83 fields acquisitions in late 1999 and early 2000, were strategic acquisitions that fit the aforementioned profile, and account for the majority of the unit costs noted above in the periods presented above.

Oil and Gas Marketing and Major Customers

Marketing.    Goodrich’s natural gas production is sold under spot or market-sensitive contracts to various gas purchasers on short-term contracts. Goodrich’s natural gas condensate is sold under short-term rollover agreements based on current market prices. The Company’s crude oil production is marketed to several purchasers based on short-term contracts.

Customers.    Due to the nature of the industry, the Company sells its oil and natural gas production to a limited number of purchasers and, accordingly, amounts receivable from such purchasers could be significant. Revenues from these sources as a percent of total revenues for the periods presented were as follows: