GOODRICH ANNOUNCES WELL RESULTS

Goodrich Petroleum Announces Haynesville Shale Well Results

HOUSTON, July 15 /PRNewswire-FirstCall/ -- Goodrich Petroleum Corporation (NYSE: GDP) today announced results on four additional Haynesville Shale wells.

The Company has completed its third East Texas horizontal Haynesville Shale well, its Taylor Sealey No. 3H in Panola County, Texas. The well produced into sales at a 24 hour initial production rate of 9.3 MMcf per day on a 24/64 inch choke with 5,200 psi. The Company is operator and owns a 100% working interest in the well. The well is located in the Minden field, approximately six miles south of its recently announced Lutheran Church 5H well, which had an initial production rate of 9.0 MMcf per day. The Company has reached total depth on two additional horizontal Haynesville Shale wells in East Texas, its T. Swiley No. 4H in the Minden field and Beard Taylor No. 1H in the Beckville field.

The Company has also completed three additional Chesapeake Energy operated wells in the Bethany-Longstreet field in Caddo and DeSoto Parishes, Louisiana. The Johnson 32H-1 (31% WI) had a 24 hour initial production rate of 12.5 MMcf per day on an 18/64 inch choke with 7,800 psi. The Wallace 36H-1 (22% WI) had a 24 hour initial production rate of 15.4 MMcf per day on a 22/64 inch choke with 6,100 psi, and the Bryan 25H-1 (13% WI) had a 24 hour initial production rate of 14.0 MMcf per day on a 22/64 inch choke with 4,000 psi.

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Permalink Reply by Skip Peel - Mineral Consultant on July 15, 2009 at 3:16
Notice that the Bethany-Longstreet wells exhibit a wide pressure range although they are located in the same field. I'd like to hear some discussion regarding the wide variance.
Permalink Reply by The_Baron on July 15, 2009 at 4:00
Do have any confimed data about how the pressures hold up over time, I have heard secondhand stories about matadors wells in north shreveport droping off fast.
Permalink Reply by Skip Peel - Mineral Consultant on July 15, 2009 at 4:04
Jay. Two are 22/64 (6,100 psi/4,000 psi) and one 18/64 (7,800 psi). If the tighter choke fully explains the greater pressure in the Johnson well, there is still the question of the difference in the other two wells on the same size choke. These wells are all within ~ 2 miles of each other as the crow flies.
Permalink Reply by sesport on July 15, 2009 at 4:02
Guys - I'm curious about the same thing Skip questions. What Jay says doesn't appear to hold true for the Wallace & the Bryan wells ... they're both on 22/64 inch choke but have a difference of a little over 2,100 psi.

any help appreciated - sesport :0)
Permalink Reply by Skip Peel - Mineral Consultant on July 15, 2009 at 4:40
Jay. Do higher pressures stated in completion results correlate to better frac design and/or execution? And is the location of the wells (in the same general area) a better predictor of EUR than pressure?
Permalink Reply by Skip Peel - Mineral Consultant on July 15, 2009 at 7:15
Thanks.
Permalink Reply by sesport on July 15, 2009 at 9:04
Jay, guys - Thanks for your patience & explanations. :0)
Permalink Reply by Skip Peel - Mineral Consultant on July 15, 2009 at 9:06
Jay, may your takeaway be large! LOL!
Permalink Reply by sesport on July 15, 2009 at 17:06
Skip - I'm just going to say quit LOLing at Jay. (lol) First he's got that vertical that's got him HBP, now he's got a big pipe for takeaway, but the prices aren't worth taking away anything but sewage. He can't get a break here. Next thing you know, he'll have a brown out in his section and all operations will get shut down.

Ooops, not meant to jinx anyone - :0)
Permalink Reply by Les Bamburg on July 15, 2009 at 17:40
Sesport, there are three primary subsurface factors that influence both initial flowing rate and flowing pressure.

1) Rock matrix/parameters - formation pressure, porosity, permeability, clay content, thickness, etc
2) Frac Design
3) Frac Execution

All three are required to generate stellar AAA well results.

Surface factors such as choking back wells and pipeline capacity are secondary factors that can cause some reduction in rate but the well would have a higher flowing pressure.
Permalink Reply by sesport on July 16, 2009 at 1:02
Thanks, Les. This is something to keep in mind, I guess, as development continues. Skip mentioned that 2 of the wells are within approx. 2 miles of each other, yet the operators get such differences. It will be interesting to watch for differences within the units.

best :0)
Permalink Reply by sesport on July 16, 2009 at 15:33
Jay - Not sure here, but are you responding to me with regards to that last comment? If so, I'm confused because I assure you I did think your comment was relevant.

I always find it interesting to compare not only the different types of wells & their production, but when reading up about the Marcellus, I found it interesting that it was stated there could be numerous variables within a given field (this was in regard to frac processes).

Thanks for clarifying - sesport :0)

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