Goodrich Petroleum Announces Tuscaloosa Marine Shale ("TMS") Well Result And
HOUSTON, June 18, 2014
HOUSTON, June 18, 2014 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE:
GDP) today announced the completion of its Nunnery 12-1H-1 (93.3% WI) well in
Amite County, Mississippi. The well has achieved a peak 24-hour average
production rate to date of approximately 815 barrels of oil equivalent ("BOE")
per day, comprised of 785 barrels of oil and 185 Mcf of gas on a 17/64 inch
choke from an approximate 6,000 foot lateral. The well, which is located near
the Pike County line along the northeastern boundary of the Company's acreage
block, landed in the Company's lower target and was completed with 22 frac
The Company has also completed frac operations, drilled out the frac plugs and
will commence flow back on its Beech Grove 94H-1 (66.7% WI) well in East
Feliciana Parish, Louisiana this week, with results expected by the end of
June. The Beech Grove well was drilled with an approximate 6,000 foot lateral
and completed with 21 frac stages.
The Company has completed drilling operations on the SLC, Inc. 81H-1 (66.7%
WI) well in West Feliciana Parish, Louisiana and expects to commence frac
operations in early July. The Company has also reached total depth on its
Denkmann 33-28H-2 (75% WI) well in Amite County, Mississippi with an
approximate 6,200 foot lateral drilled in 25 days, a record for the Company.
The Company continues with drilling operations on its CMR-Foster Creek
24-13H-1 (84.7% WI) well in Wilkinson County, Mississippi and the Bates
25-24H-1 (97.6% WI) well in Amite County, Mississippi.
The Company is currently running three rigs in the TMS with plans to go to as
many as five rigs by the end of the year pending continued success. The
Company has in excess of 300,000 net acres in the play.
A copy of the latest corporate presentation is available on the Company's
website at www.goodrichpetroleum.com.
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 oil and gas resource plays and
tight oil and 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.
SOURCE Goodrich Petroleum Corporation
Contact: Robert C. Turnham, President, or Jan L. Schott, Chief Financial
Officer, or Daniel E. Jenkins, Director of Investor Relations, +1-713-780-9494
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