Monday, August 6, 2012

Goodrich Provides A TMS Update

Goodrich's update:

"For the quarter, the Company spent approximately $54.3 million, or 73% of its capital, in the Eagle Ford Shale Trend where we had 2 – 3 rigs running during the quarter, and $17.5 million, or 24%, in the Tuscaloosa Marine Shale Trend, for a total of $71.9 million, or 97%, of its total capital on oil-directed activity. Of the $17.5 million spent in the Tuscaloosa Marine Shale Trend, approximately $12.8 million was spent on leasehold, which was included in the Company's previously disclosed $27.5 million leasehold and infrastructure budget."

"The Company expects its 2012 capital expenditures to be approximately $250.0 million, which includes an increase in the number of wells drilled and completed and capital allocated to the Tuscaloosa Marine Shale by approximately $20.0 million, offset by a reduction in capital expenditures of approximately $25.0 million previously allocated to the Angelina River Trend and Eagle Ford Shale Trend, with 5 gross (3 net) fewer Eagle Ford Shale Trend wells completed than previously estimated."

"The Company is currently drilling its first operated well, the Denkmann 33 H-1(75% WI), with completion scheduled within 30 days, to be followed by the Crosby 12H-1 (75% WI). The Company has participated in a non-operated well, the Joe Jackson 4H-2 (25% WI), which is scheduled to be fracked in August, and will be participating in two additional non-operated wells, the Ash 31 H-1 (20% WI) and Ash 31 H-2 (20% WI) during the second half of the year. With the success we have experienced to date, the Company anticipates moving a second rig into the TMS from the Eagle Ford Shale in the second half of the year, with the possibility of running 2 – 3 operated rigs in the TMS in 2013."


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