Goodrich Petroleum Announces Tuscaloosa Marine Shale Well Result
HOUSTON, Feb. 6, 2013
HOUSTON, Feb. 6, 2013 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE:
GDP) today announced the completion of its Crosby 12H-1 (50% WI) well in
Wilkinson County, Mississippi. The well is continuing to improve with a
current production rate of 1,250 barrels of oil equivalent ("BOE") per day and
a 24 hour average rate of 1,130 BOE per day comprised of 1,050 barrels of oil
and469 Mcf of gas, on a 15/64" choke with 2,700 psi. The well, which has
approximately 6,700 feet of usable lateral and was fracked with 25 stages, is
in the early stage of flowback, with approximately 1% of the frac fluid
recovered to date.
The Company is also participating in the Anderson 17H-2 well, which is
currently drilling, with a 7% non-operated working interest. The Company plans
to spud its next operated TMS well, the Smith 5-29H-1, during the second
quarter. The Ash 31H-1 and Ash 31H-2 wells, in which the Company has a 12%
non-operated working interest, are currently expected to be completed in
The Company currently has approximately 135,000 net acres in the play, and now
expects to spend the higher end of its previously announced 2013 capital
expenditure budget in the TMS of approximately $50 million.
Encana and Contango Oil & Gas Company each own a 25% working interest in the
Crosby 12H-1 well.
Certain statements in this news release regarding future expectations and
plans for future activities may be regarded as "forward looking statements"
within the meaning of the Securities Litigation Reform Act. They are subject
to various risks, such as financial market conditions, changes in commodities
prices and costs of drilling and completion, operating hazards, drilling
risks, and the inherent uncertainties in interpreting engineering data
relating to underground accumulations of oil and gas, as well as other risks
discussed in detail in the Company's Annual Report on Form 10-K and other
filings with the Securities and Exchange Commission. Although the Company
believes that the expectations reflected in such forward-looking statements
are reasonable, it can give no assurance that such expectations will prove to
Initial production rates are subject to decline over time and should not be
regarded as reflective of sustained production levels. In particular,
production from horizontal drilling in shale gas resource plays and tight gas
plays that are stimulated with extensive pressure fracturing are typically
characterized by significant early declines in production rates.
Goodrich Petroleum is an independent oil and gas exploration and production
company listed on the New York Stock Exchange.The majority of its properties
are in Louisiana and Texas.
SOURCE Goodrich Petroleum Corporation
Contact: Robert C. Turnham, Jr., President; Jan L. Schott, Chief Financial
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