Goodrich Petroleum Announces Haynesville Shale Well Result, Acreage Acquisition, Acreage Swap And Operational Update
May 31, 2017
HOUSTON, May 31, 2017 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE Market: GDP) announces completion results on its Wurtsbaugh 26 No. 1 (74% WI, 53% NRI) well in the Bethany-Longstreet field in DeSoto Parish, Louisiana. The well has achieved a 24-hour peak rate to date of approximately 22 million cubic feet per day from approximately 4,500 feet of lateral.
The Company has finished fracking its Wurtsbaugh 25-24 No. 1 (69% WI, 50% NRI) well, which is a 9,000 foot lateral, and expects flowback to commence soon.
The Company also announces that it has entered into an agreement to acquire up to 2,200 net acres adjacent to its existing acreage in the core of the Haynesville Shale play in DeSoto Parish, Louisiana. The Company will earn this acreage through the drilling and completion of wells, with no upfront cash consideration. The Company now owns rights to approximately 25,000 net acres in the Haynesville.
The Company has also entered into a swap on a portion of its undeveloped acreage in the Bethany-Longstreet field with another operator. The acreage swap will allow the Company to (i) add 22.0 Bcf of proved reserves, based on the Company's year-end reserve report; (ii) add to its operated footprint which carries a lower transportation expense; (iii) add to its inventory of extended lateral well locations; and (iv) provide for better planning and control over capital expenditures.
Certain statements in this news release regarding future expectations and plans for future activities may be regarded as "forward looking statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as financial market conditions, operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels.
Goodrich Petroleum is an independent oil and gas exploration and production company with the majority of its properties in Louisiana, Mississippi and Texas. The Company currently trades under the symbol GDP on the NYSE Market.
SOURCE Goodrich Petroleum Corporation