Jan 30, 2015 HOUSTON, Jan. 30, 2015 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) today announced year-end 2014 reserves and its revised preliminary 2015 capital expenditure budget.
Goodrich Petroleum Corporation (the "Company") reported proved reserves of 273.7 Bcfe as of December 31, 2014, with future net cash flow of $1.3 billion and present value of the future net cash flow before income taxes discounted at 10% ("PV-10") of $650.6 million. Proved oil reserves grew by approximately 13 million barrels of oil or 92% from December 31, 2013. Year-end reserves were comprised of 59.3% oil, 38.3% natural gas and 2.4% natural gas liquids, which does not include approximately 103.1 Bcfe of natural gas reserves due to the Securities and Exchange Commission's ("SEC") five year rule and 140.3 Bcfe of reserves (as of December 31, 2013) that were sold in December of 2014. SEC pricing for the year-end report was $94.99 per barrel of oil, $4.35 per MMBtu for natural gas and $44.84 per barrel of natural gas liquids. Proved reserves from the Tuscaloosa Marine Shale grew by 14.9 million barrels of oil equivalent (89.7 Bcfe) and $311 million of PV-10 compared to December 31, 2013, and now comprises 42.1% of the Company's reserves and 60.4% of the Company's PV-10.
CAPITAL EXPENDITURE BUDGET
Based on current commodity prices, the Company revised its preliminary capital expenditure budget for 2015 to $90 – 110 million, comprised of $80 – 100 million of drilling and completion capital expenditures and approximately $10 million of leasehold and infrastructure expenditures. The Company will monitor capital expenditures on a quarterly basis and maintain flexibility to accelerate capital expenditures with improvement in oil prices and the monetization of certain assets. Oil directed capital is estimated to be approximately 91 – 93% of the total drilling and completion budget, with the entire oil-directed allocation to the Tuscaloosa Marine Shale, where the Company is seeing significant reductions in well costs.
Oil production volumes are expected to average approximately 4,800 – 5,200 barrels per day for 2015, which includes completion deferrals into the second half of 2015. Natural gas volumes are expected to average approximately 23,000 – 26,000 Mcf per day.
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Wednesday, January 28, 2015
The 3rd Infocast TMS Summit will be taking place next week in New Orleans. This will be the first conference where all TMS operators will be making a presentation. Despite the challenging market conditions, this event will provide an timely update on the play.
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