Goodrich Petroleum Announces Second Quarter Financial and Operational Results
OPERATIONAL UPDATE
The Company conducted drilling operations on 15 gross (9 net) wells in the quarter, with 8 gross (4 net) wells added to production, with a 100% success rate. As of June 30, 2010, the Company's backlog of net wells drilled and waiting on completion increased sequentially to 14 gross (7 net) wells.
Haynesville Shale - Shelby Trough
The Company has drilled and logged its SW Henderson 1H (100% WI) well in Angelina County, Texas, with an estimated 215 feet of Haynesville Shale and 200 feet of Bossier Shale prospective in the well. The Company is currently drilling the lateral and is anticipating completing the well in early September.
The Company has also drilled and logged its R Dean 1H (80% WI) well in Shelby County, Texas, with an estimated 126 feet of Haynesville Shale and 188 feet of Bossier Shale prospective. The Company has reached total depth on the lateral in the Haynesville Shale and is currently moving the rig to drill its R Dean 2H (80% WI), which it anticipates will be its initial Bossier Shale completion.
MANAGEMENT COMMENTS
Commenting on the second quarter results, Walter G. "Gil" Goodrich, Vice-Chairman and CEO stated, “During the second quarter, we made tremendous progress on almost every front. Our initial delineation efforts in both the Eagle Ford Shale and Shelby Trough are extremely encouraging and we anticipate positive follow-on results in the coming months. Our core Haynesville Shale activities again delivered outstanding results, which lead to very strong production growth in the quarter. In addition, we had an exceptional quarter on reducing per unit operating costs across the board, led by a 16% sequential decline in lease operating expense and an 11% decline in DD&A due primarily to our attractive finding cost in the Haynesville Shale. Even in the current environment, we are confident we will deliver solid growth and additional asset value creation in the second half of the year.”
http://www.prnewswire.com/news-releases/goodrich-petroleum-announce...
The Company conducted drilling operations on 15 gross (9 net) wells in the quarter, with 8 gross (4 net) wells added to production, with a 100% success rate. As of June 30, 2010, the Company's backlog of net wells drilled and waiting on completion increased sequentially to 14 gross (7 net) wells.
Haynesville Shale - Shelby Trough
The Company has drilled and logged its SW Henderson 1H (100% WI) well in Angelina County, Texas, with an estimated 215 feet of Haynesville Shale and 200 feet of Bossier Shale prospective in the well. The Company is currently drilling the lateral and is anticipating completing the well in early September.
The Company has also drilled and logged its R Dean 1H (80% WI) well in Shelby County, Texas, with an estimated 126 feet of Haynesville Shale and 188 feet of Bossier Shale prospective. The Company has reached total depth on the lateral in the Haynesville Shale and is currently moving the rig to drill its R Dean 2H (80% WI), which it anticipates will be its initial Bossier Shale completion.
MANAGEMENT COMMENTS
Commenting on the second quarter results, Walter G. "Gil" Goodrich, Vice-Chairman and CEO stated, “During the second quarter, we made tremendous progress on almost every front. Our initial delineation efforts in both the Eagle Ford Shale and Shelby Trough are extremely encouraging and we anticipate positive follow-on results in the coming months. Our core Haynesville Shale activities again delivered outstanding results, which lead to very strong production growth in the quarter. In addition, we had an exceptional quarter on reducing per unit operating costs across the board, led by a 16% sequential decline in lease operating expense and an 11% decline in DD&A due primarily to our attractive finding cost in the Haynesville Shale. Even in the current environment, we are confident we will deliver solid growth and additional asset value creation in the second half of the year.”
http://www.prnewswire.com/news-releases/goodrich-petroleum-announce...
Views: 122
Replies to This Discussion
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Permalink Reply by adubu on -
did they have conference call with release?-----I found it 11:00 Eastern time tomorrow thur. 5th august
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Permalink Reply by MARG on
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Adubu, if something is going to happen lke the above again and you know in advance, pls. try to post it in more than one place. Hope I am not getting in the "slow group", but I just saw this today. I HAVE A LOT OF RESPONSIBILITY AND I AM VERY INTERESTED IN THIS. MANY OF US MIGHT HAVE A DIFFERENT FUTURE WITH THIS. LOL I REALLY WANT TO KNOW.
THANKS!! -
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Permalink Reply by adubu on
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MARG--- I also have high interest in this well I am about 2 miles WSW of this well in northern part of Joel White survey near hwy 7 . Spring Branch may have some contacts that he will post when he know something. I think Goodrich Petroleum will give some press release early about well since it's important for their Stock on the NYSE. There are two threads on the Shelby County Group that will have so info just check the posting when you get email notices of new postings. There also comments on the main page of post about Stacked Laterals. Recommend you review all of these threads. I added comment after I listen to the conference call last week check the stacked lateral thread on main page. I ALSO REALLY WANT TO KNOW ABOUT THIS WELL. They should complete drilling by about 1st of Oct. then depending how long it take to get a frac crew will know something maybe by 1st part of November. Just quessing on time frame. Hope it a good X-Mas for those in unit.
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Permalink Reply by jffree1 on
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adubu, did you see what I posted on the Shelby County discussion (main page)? The rigs are gone from the Mays well and the R. Dean Hay. Maybe we should get SB to check with his Goodrich contact and see what's going on.
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Permalink Reply by adubu on
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jffree1--- the baker hughes rig count map still show both with rigs on site on their Friday 13rd update? On May's unit Patterson-UTI Rig # 523 and on the R Dean Latshaw Rig #16
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They may have just been in the move on the R. Dean Hay. Baker Hughes GIS Map is not always the most current information available.
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Permalink Reply by adubu on
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jffree1--Baker Hughes rig count map update for Friday 20 August now shows the May's Unit Forest oil rig is now gone so you were correct last week it was gone. The R. Dean Hays rig still present
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Thank, adubu. I only wish to provide accurate information and I always welcome clarifications or corrections.
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Permalink Reply by JWC on
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Baker Hughes still has the southern most well in San Augustine county out of place.
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LOL, I wish I knew why they do that but I can say this of the only two I have seen placed on the wrong map location this year... they were both XTO wells. Is it deliberate or accidental? That would be anyone's guess.
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