Goodrich Petroleum Announces Financial Results And Operational Update

Source: 11/4/2013, Location: North America

Goodrich Petroleum Corporation (the "Company") announced financial and operating results for the quarter ended September 30, 2013 and provided an operational update.

Tuscaloosa Marine Shale ("TMS"):
- Preliminary 2014 capital expenditure budget allocates $300 million for the TMS to drill up to 31 gross (24 net) wells with five operated rigs running in the play by the end of 2014 pending continued success
- The Company drilled its Huff 18-7H No. 1 (97% WI) well with usable lateral of approximately 5,400 feet. The Company drilled the curve and lateral in a record time of 12 days but has experienced completion delays due to temporarily sticking the drill pipe shortly after reaching total depth. The Company successfully freed the drill pipe and is currently cleaning out the wellbore in preparation of running production casing. The cleanout of the wellbore is expected to be completed withing the next few days
- Cumulative production from the Company's Crosby well has reached 138,000 barrels of oil equivalent ("BOE", 90% oil) in 8.5 months, and five of the last six completed wells are currently producing at or above the Company's 600,000 BOE type curve (See current Management Presentation posted on website)
- The Company currently has two rigs running in the play and has commenced drilling operations on its Weyerhaeuser 51H-1 (67% WI) well in St. Helena Parish, Louisiana, the initial well of three consecutive wells planned on its recently acquired acreage block, with plans to move a rig to its CMR 8-5 (100% WI) well in Amite County, Mississippi after the Huff 18-7 well
- Production for the quarter increased by 16% sequentially to 7.7 Bcfe, or an average of 83,700 Mcfe per day. Oil volumes increased by 28% sequentially to 374,000 barrels of oil, or an average of 4,100 barrels of oil per day, while gas volumes increased by 11% sequentially to 5.5 Bcf, or an average of 59,300 Mcf per day.
- Oil production for the quarter comprised 29% of total production and 70% of revenues compared to 23% of total production and 63% of revenues in the prior year period. Average realized price per Mcfe of production was $7.38 ($6.91 including hedges), with an average oil price of $106.11 per barrel and average natural gas price of $3.15 per Mcf.

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