Tuesday, November 6, 2012

Goodrich Petroleum - Press Release

Goodrich released this news on the TMS today:
- The Company has fraced its initial operated well, the Denkmann 33 H-1, with 12 successful frac stages, but flowback has been delayed due to the need to repair a casing connection. Flowback will commence upon completion of the repair and installation of tubing. Additionally, one non-operated well recently commenced flowback, and management is encouraged by the drilling results from another non-operated well (see Operational Update below
-the Company spent approximately $10.9 million, or 19%, in the Tuscaloosa Marine Shale Trend.  Of the $10.9 million spent in the Tuscaloosa Marine Shale Trend, approximately $1.4 million was spent on leasehold, which was accounted for in our previously disclosed $27.5 million leasehold and infrastructure budget.
-The Company has fraced its initial operated well, the Denkmann 33 H-1, with 12 successful frac stages, but flowback has been delayed due to the need to repair a casing connection.  Flowback will commence upon completion of the repair and installation of tubing.
-The Company has drilled, cored and logged the vertical portion of its Crosby 12H-1 (50% WI) in Wilkinson County, MS, with plans for a 7,000 foot lateral.  In addition, the Company has participated in two additional non-operated wells, the Joe Jackson 4H-2 (25% WI) in Wilkinson County, MS, which is currently flowing back, and the Ash 31 H-1 (19% WI) in Amite County, MS, which is in completion phase.  The Ash 31 H-1 is the first well in which the lateral was landed just above the zone that has caused wellbore instability, with a very favorable outcome, which if repeatable should materially reduce drilling costs going forward.
-The Company anticipates running one rig in the TMS into the first quarter of 2013, and potentially adding or reallocating a second rig to the play in 2013 pending continued success.   

Entire press release:

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