Goodrich Petroleum Corp. will devote its entire 2018 capital expenditure budget of $65 million to $75 million to its core Haynesville shale acreage in Louisiana.
In the coming year, the Houston-based E&P expects to drill 16 horizontal wells with an average lateral length of 9,000 feet. Goodrich forecasts a production increase of 130 to 145 percent over the previous year. This activity will occur in the Bethany-Longstreet and Thorn Lake areas of Caddo, DeSoto and Red River parishes.
Based on the preliminary budget, Goodrich expects to grow production to a range of approximately 28.3 to 30.3 billion cubic feet of natural gas equivalent or an average of 77,000 to 83,000 thousand cubic feet of natural gas equivalent per day for the year. Natural gas is expected to comprise about 95 percent of total production.
The company’s budget anticipates operating approximately 85 percent of its net wells for the year. The preliminary capital expenditure budget is subject to quarterly review and approval by the company's board of directors.