By Michael Dabaie

Goodrich Petroleum Corp. shares were up 6.5% to $22.90 in afternoon trading, near the $23 a share level the company agreed to be acquired for by a subsidiary of Paloma Partners VI Holdings LLC.

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

The deal's offer price represents a 7% premium to Goodrich's Friday closing price of $21.50 a share and a 47% premium to its year-to-date volume-weighted average price, the company said.

Goodrich Petroleum says it focuses on the Haynesville Shale in North Louisiana and East Texas, the Tuscaloosa Marine Shale in Eastern Louisiana and Southwestern Mississippi and the Eagle Ford Shale trend in South Texas.

Truist Securities said in an analyst note that while the takeout price represents a relatively modest premium, shares were up more than double year to date.

"However, shares of GDP and most other natural gas operators still trade at a discount to their historical multiples," Truist said.

"While natural gas prices have come down from their peak levels, we believe that the transaction represents increased private market optimism surrounding both U.S. natural gas producers and the potential of the Haynesville shale to serve growing U.S. LNG export capacity," the Truist analyst note said.

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