Tuesday, May 8, 2012

Goodrich's Earnings Call

Here's the TMS highlights from Goodrich's earnings call yesterday:
- Tuscaloosa Marine Shale Acreage Grows to 102,600 Net Acres with Initial Well in Completion Phase and Flowback to Commence within One to Two Weeks
- Capital Expenditure Budget Reaffirmed at $250 - 275 Million with $25 Million Earmarked for Potential Incremental Drilling in the Tuscaloosa Marine Shale Based on Ongoing Positive Results

The Company reaffirms its full year 2012 capital expenditure budget of $250 – 275 million, with the incremental $25 million earmarked for potential drilling activity in the Tuscaloosa Marine Shale based on ongoing positive results. Within the $250 million budget, the Company is further reducing gas-directed capital expenditures by approximately $10 million and increasing its leasehold acquisition budget by a similar amount, allocated primarily to the Tuscaloosa Marine Shale. 

Tuscaloosa Marine Shale Trend
The Company has increased its acreage position in the play by approximately 17,800 net acres, for $4.3 million, bringing the total acreage position to approximately 102,600 net acres. The Company has participated for an approximate 5% non-operated working interest in the Anderson 17H-1 well in Amite County, Mississippi. The well, which was drilled with an approximate 7,300 foot lateral and completed with 30 frac stages, is in the completion phase with flowback expected to begin within one to two weeks. For the remainder of 2012, the Company currently expects to participate in two to four additional non-operated wells and two to five operated wells, with a capital expenditure allocation of $20 – 45 million. The Company's first operated well, the Denkmann 33 H-1, is expected to commence by the end of May.

Source: http://www.prnewswire.com/news-releases/english-releases/goodrich-petroleum-announces-first-quarter-2012-financial-and-operating-results-150494085.html

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