Monday, September 29, 2014

Goodrich Announces Well Results

It's nice to have some new results to talk about!  Goodrich released this update this morning:

HOUSTON, Sept. 29, 2014 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) today announced a Tuscaloosa Marine Shale ("TMS") operational update. The Company's Bates 25-24H-1 (98% WI) well in Amite County, Mississippi, which was completed with an approximate 4,850 foot lateral and was fracked with 19 stages, achieved a peak 24-hour average production rate of 1,000 barrels of oil equivalent ("BOE") per day, comprised of 938 barrels of oil and 373 Mcf of gas on a 17/64 inch choke. The Company's CMR/Foster Creek 31-22H-1 (90% WI) well in Wilkinson County, Mississippi, which was completed with an approximate 6,700 foot lateral and was fracked with 24 stages, is in the early stage of flowback, with a current peak 24-hour average production rate to date of approximately 1,140 barrels of oil equivalent ("BOE") per day, comprised of 1,070 barrels of oil and 420 Mcf of gas on a 13/64 inch choke. The Company will provide an update on the well on its third quarter earnings press release. The Company is currently conducting completion operations on its CMR/Foster Creek24-13H-1 (97% WI) well in Wilkinson County, Mississippi, which has an approximate 6,600 foot lateral with 24 frac stages and should begin flowback within a week. The Company has also drilled and is in completion phase on its Spears 31-6H-1 (77% WI) well in Amite County, Mississippi, which has an approximate 7,600 foot lateral, and its Verberne 5H-1 (66% WI) well in Tangipahoa Parish, Louisiana, which has an approximate 6,800 foot lateral and reached total depth within 29 days. The Company currently has three rigs running in the play and is conducting drilling operations on its Williams 46H-1 (61% WI) well in Tangipahoa Parish, Louisiana, itsCMR/Foster Creek 8H-1 and 8H-2 (79% WI) wells in Wilkinson County, Mississippi, and expects to commence operations soon on its T. Lewis 7-38H-1 (estimated 90.5% WI) well in Amite County, Mississippi. The Company has in excess of 300,000 net acres in the play. A copy of the latest corporate presentation is available on the Company's website at www.goodrichpetroleum.com.

Here are three charts comparing initial potential results.  The selected well group have similar frac designs, lateral lengths > 5000', and landed in the lower portion of the TMS. Both of the new wells fall right on the averages. We're starting to see consistency in the well results which is very positive.

Source: SONRIS, MSOGB

Source: SONRIS, MSOGB

Source: SONRIS, MSOGB

1 comment:

  1. Kirk:

    Given that the Goodrich Crosby 12H is somewhat the "benchmark" of success given its excellent production over a significant amount of time, it is easy to see that there are many other wells on par or better than the Crosby 12 H from an analysis of your charts and graphs.

    Thanks again for your time and efforts making this information readily available for all to see.

    ~ ~ John

    ReplyDelete