Congratulations to Goodrich Petroleum. This represents one of the highest initial potentials to date in the play. On a per stage basis, it is the best initial potential to date.
HOUSTON, Feb. 6, 2013 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) today announced the completion of its Crosby 12H-1 (50% WI) well in Wilkinson County, Mississippi. The well is continuing to improve with a current production rate of 1,250 barrels of oil equivalent ("BOE") per day and a 24 hour average rate of 1,130 BOE per day comprised of 1,050 barrels of oil and 469 Mcf of gas, on a 15/64" choke with 2,700 psi. The well, which has approximately 6,700 feet of usable lateral and was fracked with 25 stages, is in the early stage of flowback, with approximately 1% of the frac fluid recovered to date.
The Company is also participating in the Anderson 17H-2 well, which is currently drilling, with a 7% non-operated working interest. The Company plans to spud its next operated TMS well, the Smith 5-29H-1, during the second quarter. The Ash 31H-1 and Ash 31H-2 wells, in which the Company has a 12% non-operated working interest, are currently expected to be completed in February.
The Company currently has approximately 135,000 net acres in the play, and now expects to spend the higher end of its previously announced 2013 capital expenditure budget in the TMS of approximately $50 million.
Encana and Contango Oil & Gas Company each own a 25% working interest in theCrosby 12H-1 well.