Goodrich Petroleum (GDP) Updates on Tuscaloosa Marine Shale; Acquires 17K Net Acres

May 23, 2012 9:17 AM EDT
Goodrich Petroleum Corporation (NYSE: GDP) announced a Tuscaloosa Marine Shale well result, updated acreage position and development plans.

WELL RESULT - Goodrich Petroleum Corporation today announced its participation in and the completion of the Encana – Anderson 17H-1 (5% WI) well in Amite County, Mississippi, with a 72-hour production rate of 1,082 barrels of oil equivalent per day (975 Bopd, 425 Mcf/d) on a 15/64 choke with 2,119 psi flowing casing pressure.

ACREAGE UPDATE - The Company has acquired an additional 17,000 net acres in the play, bringing its total to approximately 120,000 net acres, at an average price of approximately $225 per acre.

DEVELOPMENT PLANS - The Company is participating with Encana for an estimated 25% working interest in the Joe Jackson 4H-2 well, which is currently drilling in Amite County, Mississippi. In addition, the Company plans to commence operated activities by June 1st on its Denkmann 33H-1 (75% WI) well in Amite County, Mississippi, followed by the Crosby 12H-1 (75% WI) well in Wilkinson County, Mississippi.

OTHER INFORMATION - Initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels. Thirty-day average production rates provide a more representative and credible indication of future well performance. In particular, production from horizontal drilling in shale resource plays and tight gas plays that are stimulated with extensive pressure fracturing are typically characterized by significant early declines in production rates.

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