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...

Views: 110

Replies to This Discussion

The rig is still on the Dean well. Looks like they have skidded and started the second well
yes---that is what goodrich said last week on the conference call that they would move over and spud #2H since completed the 4800' lateral in #1 in Haynesville and plan same 4800' in the bossier with#2H----RSV 2003--have you or some one you know been by site then with comfirmation? I can not beleive they would not drill it since they talked about the well on conference call just last week
I drive by the location every day. It appears that they have skidded and are probably on the #2
RSV2003---Thanks keep us up todate let us know when they are finished and you see lots of blue frac tanks brought in. Also since you are in the area could you check out the May #2 drilling by Forest oil & gas. jjfree1 think on one site the rig is gone but on the Baker Hughes Rig Count GIS report friday 8/13 they show rig # 523 Patterson-UTI drilling company the rig is still there can you confirm or not it's about 1/2 mile north of US 84. I can look on the rrc site of texas and give you better location if you are not sure were it is
Adubu and RSV2003, the May Well is located where the "ole timers" call Hanson Switch (toward Paxton)---due West of Joaquin.
RSV2003---note MARG comment on location of the May Well--maybe if you have time driving around this weekend or sometimes you could check it out--thanks
The rumor I heard on May Well is that they did a vertical and if the price of gas goes up, etc. they might someday return and do the Horizontal. I was told they were laying a pipeline so there should be no pipeline if the well is not performing. I will check with someone if possible. The well may not be fraced yet, but I heard they made a well. This was done by Forest.
Thanks for the report.
Someone I know is in, or thinks he is in the May Well, was able to get the Forest Phone Number (from anyone's guess who found it for him -- LOL) and they told him essentially what I said on Aug. 17--they may put H leg or may not on the May. LOL Gas Price will or has probably started to determine some. They can explore and go back later. He recently purchased some old wells and other so he is not sure of it all yet.
They did indicate they got a well,but fracing may not be done yet (as per our recent conversation). At least, he did not have IP when I called him. That is west of Joaquin I am interested in EAST of Joaquin. Adubu, I think I have one survey that is related to your area if one was going as eagle flies and going in a slanted direction, couldn't he or she come out at FM 139 near Huxley? That was true from the Harvey--Chk. has permits due north of there--had them for a long time now. I think your White Survey is one I have had my eyes on as if I know correctly, it joins some of the English Surveys? I was thinking, at one time, that around Lone Cedar, we might be in the core area. Right or Wrong?
MARG, you may want to sign yourself up to get e-mail notices from Goodrich regarding press releases, presentations, conference calls, etc.
Les, I shall attempt to sign up ASAP; I have so much responsibility!!!!! Good idea. I know someone well there, but they have a terminal family member at this time; thus, I cannnot get info as normally do from there. However, I do know others, and will work to get info. I, most likely, know RSV2003 too as he passes daily, etc. I must find someone as I am what Goodrich mentioned once as a "neighbor". Actually, my ancestors were the ones who began that little place and named it after their son who was named after an Indian friend of theirs. I have roots way back; my grandfather built the first church and school out in the country and paid for it. Both my paternal and maternal families lived there. Surely, someone is still there that I know is not too busy to inform me. We go back so far that we even have a patent on our land and wish I could live there. I daydream of it !!!!!! LOL
Marg, I loved reading about your ancestors, and how your grandfather built and paid for the first church and school out in the country. That's so neat to hear this little bit of history. :) Yes your roots go deep here and you must be proud of your heritage. I hope these wells are monsters for both yours and adubu's interests here.

RSS

Support GoHaynesvilleShale.com

Not a member? Get our email.

Groups



© 2024   Created by Keith Mauck (Site Publisher).   Powered by

Badges  |  Report an Issue  |  Terms of Service