Tuesday, May 7, 2013

Goodrich Petroleum Announces First Quarter 2013 Financial Results And Operational Update

TMS related comments:

  • Tuscaloosa Marine Shale development continuing, with four wells in completion phase and second operated well (Smith 5-29H-1) drilling. Improving drilling cycle times experienced on recent wells, are leading to improved drilling costs. The Goodrich Petroleum - Crosby 12H-1 well continuing to outperform the Company's 800,000 BOE type curve, with approximately 75,000 BOE (91% oil) produced in three months, with current production of approximately 700 BOE per day. The Company has participated with a non-operated working interest in the Ash 31H-2 well, which is a 5,300 foot lateral with 18 frac stages. The well has been flowing back for approximately two weeks and is still cleaning up due to the large frac job of one million pounds of proppant and 29,000 barrels of fluid per stage. Current 24-hour peak rate is approximately 730 BOE per day (92% oil), with 4% of the frac fluid recovered.
  • Approximately 54% of the capital was spent in the Eagle Ford Shale trend, 19% in the Tuscaloosa Marine Shale trend and 27% on the completion of previously drilled Haynesville Shale wells that will be brought online in the second quarter.
  • For the quarter, the Company conducted drilling operations on 8 gross (3.6 net) wells, of which 5 gross (3.3 net) were in the Eagle Ford and 3 gross (1 net) were in the Tuscaloosa Marine Shale trend.
  • The Company previously reported production results on its Crosby 12H-1 (50% WI), the initial operated well completed in the field, at a 24-hour peak production rate of 1,300 BOE per day.   The well has produced approximately 75,000 BOE in three months and is currently producing approximately 700 BOE per day. The Company has spud its Smith 5-29H-1 (~ 88% WI) well in Amite County, Mississippi, and currently plans to drill two additional operated wells after the Smith 5-29H-1 by the end of the year.   
  • The Company is currently participating as a non-operator in the completion of the Ash 31H-1 (12% WI) and Ash 31H-2 (12% WI) wells in Amite County, Mississippi. The Ash 31H-1, which is a 7,000 foot lateral with 22 frac stages, is still in completion phase, and the Ash 31H-2 well, which is a 5,300 foot lateral with 18 frac stages has been flowing back for approximately two weeks and is still cleaning up due to the large frac job of one million pounds of proppant and 29,000 barrels of fluid per stage. Current 24-hour peak rate is approximately 730 BOE (92% oil) per day, with 4% of the frac fluid recovered. The  Ash wells were stimulated with slick water fracs with 60-100% more frac fluid and proppant per stage than any of the prior wells drilled to date.  
  • The Company is currently participating as a non-operator in two development wells, the Anderson 17H-2 (7% WI) and Anderson 17H-3 (7% WI) wells, both of which are in completion phase and were drilled with very little downtime. Both wells are expected to be completed within 45 days.
The entire press release:
http://phx.corporate-ir.net/phoenix.zhtml?c=83169&p=irol-newsArticle&ID=1816061&highlight=

5 comments:

  1. where in Amite county is this Smith well?

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  2. Smith well is near Gillsburg,Ms.,is close to the Tickfaw River on the Smith property. Someone else may know the frontage road and nearest intersection.

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  3. Just wondering why no one is drilling north of hwy 24, closer to Busy Corner area. DESPERATELY need it to happen.

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  4. I think the Goodrich Crosby 12 H-1 well discussed above, which is the best well yet in the TMS, is north of Hwy 24 - it is located slightly northwest of Centerville I believe and 24 passes through Centerville.

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  5. glad to know that, thanks. Now, if they would just move EAST and north of Gloster.

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