By Michael Dabaie

Goodrich Petroleum Corp. on Monday said it agreed to be acquired by a subsidiary of Paloma Partners VI Holdings LLC for $23 a share in cash.

Independent exploration and production company Goodrich Petroleum said the about $480 million deal includes the assumption of the company's first lien debt.

The deal's offer price, which was approved by Goodrich's board, represents a 7% premium to Goodrich's closing price Friday of $21.50 a share and a 47% premium to its year-to-date volume-weighted average price.

Paloma Partners VI Holdings is an affiliate of EnCap Energy Capital Fund XI L.P.

Some Goodrich stockholders have entered into tender and support agreements, the company said. The supporting stockholders and Paloma own a majority of the outstanding shares of Goodrich common stock.

Upon the completion of the transaction, Goodrich will become a privately held company and shares of Goodrich common stock will no longer be listed on any public market.

Write to Michael Dabaie at michael.dabaie@wsj.com