Goodrich Petroleum Announces Results Of The CMR 8-5H-1 Well And Provides
Operational Update In The Tuscaloosa Marine Shale ("TMS")
HOUSTON, March 24, 2014
HOUSTON, March 24, 2014 /PRNewswire/ --Goodrich Petroleum Corporation (NYSE:
GDP) today announced the completion of its CMR 8-5H-1 (100% WI) well in Amite
County, Mississippi. The well has achieved a peak 24-hour average production
rate to date of 950 barrels of oil equivalent ("BOE") per day, comprised of
900 barrels of oil and 300 Mcf of gas, and has produced an average of
approximately 900 BOE per day over six days. The well, which landed in the
Company's lower target, has approximately 5,300 feet of lateral and was
fracked with 20 stages using composite plugs that were drilled out prior to
The Company also announced an update on its Weyerhaeuser 51-H-1 (66.7% WI)
well in St. Helena Parish, Louisiana. As previously reported, the well has
experienced mechanical issues and the Company did not get all of the permanent
frac plugs drilled out. The well is in the early stage of flow back and based
on flowing pressure and fluid rates, the Company does not expect peak rate for
the well to be as high as previously drilled wells.
The Company is currently fracking its Blades 33H-1 (66.7%) well in Tangipahoa
Parish, Louisiana. The Blades 33H-1 well was drilled to total depth in 36
days, landed in the Company's lower target and has a lateral length of
approximately 5,100 feet. The Company is using composite plugs with plans to
drill them out prior to flow back, similar to the CMR 8-5H-1 well.
The Company is currently drilling the C.H. Lewis 30-19H-1 (81.4% WI) and
Nunnery 12-1H-1 (91.2% WI) wells in Amite County, Mississippi, as well as the
Beech Grove 94H-1 (66.7% WI) well in East Feliciana Parish, Louisiana. All
wells are planned for 6,000 foot laterals or greater in the lower target and
will use composite frac plugs to be drilled out prior to flow back.
The Company has in excess of 300,000 net acres and three rigs running
currently in the play, with the plan to go to five rigs by the end of the year
pending continued success.
A copy of the latest corporate presentation is available on the Company's
website at www.goodrichpetroleum.com.
Goodrich Petroleum Corporation is an independent oil and gas exploration and
production company listed on the New York Stock Exchange.
SOURCE Goodrich Petroleum Corporation
Contact: Robert C. Turnham, President, Jan L. Schott, Chief Financial Officer,
Daniel E. Jenkins, Director of Investor Relations
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