HOUSTON, May 4, 2011 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) today announced its financial and operating results for the first quarter ended March 31, 2011.

OPERATIONAL UPDATE

Texas

Eagle Ford Shale, LaSalle and Frio Counties, Texas

The Company has completed its Burns Ranch 7H (67% WI) well, a 5,800 foot lateral with 21 frac stages, at a 24-hour initial production rate of 940 barrels oil equivalent (“BOE”) per day, comprised of 822 barrels of oil and 700 Mcf of natural gas per day.  

The Company has completed its Burns Ranch 9H (79% WI) well (previously released in an 8K), a 5,240 foot lateral with 19 frac stages, at a 24-hour initial production rate of 860 BOE per day, comprised of  820 barrels of oil and 245 Mcf of natural gas per day.

The Company has completed its Burns Ranch 5H (67% WI) well, a 5,500 foot lateral with 20 frac stages, at a 24-hour initial production rate of 600 BOE per day, comprised of 570 barrels of oil and 200 Mcf of natural gas per day.

The Company has completed its Pedro Morales 7H (79% WI) well on the northern portion of its block in Frio County, Texas. The well, which had an approximate 6,570 foot lateral and 18 frac stages, produced at a 24-hour initial production rate of 460 BOE per day on hydraulic pump, comprised of 400 barrels of oil and 325 Mcf of natural gas per day.  

The Company is in completion phase on the Burns Ranch 15H (67% WI) which has a 9,200 foot lateral, and the Burns Ranch 16H (67% WI), with a 5,700 foot lateral. The Company has commenced pad drilling on a portion of its block, with the Burns Ranch 19H (67% WI), Burns Ranch 20H (67% WI) and Burns Ranch 3H (67% WI) in drilling phase off of the same pad. In addition, the Company is currently drilling its Burns Ranch 17H (67% WI) well with a second rig.

The Company has two rigs running full time, with the majority of wells expected to be drilled in the southern half of the Company’s approximate 40,000 net acres, and expects to drill 22 – 26 wells in 2011.

Angelina River Trend, Nacogdoches and Angelina Counties, Texas

The Company has completed its Nelson 1H (100% WI), at a 24-hour production rate of 12,400 Mcf of natural gas per day with 11,500 psi on a restricted 14/64 inch choke. The well has been producing for approximately two months and is currently producing 10,400 Mcf of natural gas per day. The Nelson 1H has a 4,860 foot lateral with 15 frac stages. The Company plans to drill one additional well in the field in 2011.

Cotton Valley Taylor Sand, South Henderson Field, Rusk County, Texas

The Company has completed its second Taylor sand horizontal well in the field, the Craig 3H (100% WI), at a 24-hour production rate of 11,100 Mcfe per day, comprised of 8,950 Mcf of natural gas per day and 360 barrels of oil per day.  The Craig 3H has a 4,670 foot lateral with 14 frac stages.  The Company is currently drilling its Craig 4H (100% WI), with plans to drill the Travis Crow – Holland 1H (100% WI) immediately following.

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