Goodrich (GDP) Looks to Do More with Less in 2010 (CHK, LINE, RAME)

Early this morning, Goodrich Petroleum (NYSE: GDP) release their 2010 capital expenditure budget and also acquired about 12,000 acres of prospective Haynesville Shale.

The company sees itself with a flat budget for 2010, and yet it expects to produce volumes in 2010 that will trump 2009 volumes by 15 - 25%, a significant increase.

With the addition of the 12,000 Haynesville acres, and after drilling results and offset data, Goodrich believes that it has about 22,000 net acres prospective. They plan to drill in H110.

With the news today, Goodrich is one of the few positive stock in the Independent Oil & Gas industry, leading such names as Chesapeake Energy (NYSE: CHK), RAM Energy (NASDAQ: RAME), and Linn Energy (NASDAQ: LINE). The stocks are up 0.36% today to $22.23 on a day that is seeing Oil futures fluctuate on a strengthening US dollar.

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