Goodrich reports loss, completes two Tangipahoa wells BY TED GRIGGS|
TGRIGGS@THEADVOCATE.COM Aug. 05, 2015
Goodrich Petroleum Corp., the biggest player in an oil-rich formation that stretches through the center of Louisiana, reported a second-quarter loss of $39.1 million,or 68 cents per share. A year earlier, the company lost $32.5 million, or 73 cents per share. After adjusting for the effects of hedges and lease expirations, Goodrich lost $18.9 million, or 33 cents per share, compared to $21.3 million, or 48 cents per share, a year ago. In 2015, Goodrich swapped 3,500 barrels of daily production at an average price of $96.11. The adjusted figures still fell short of Wall Street’s forecast. Analysts surveyed by Zacks Investment Research had projected a loss of 30 cents per share. Goodrich has more than 300,000 acres under lease in the Tuscaloosa Marine Shale, thought to contain as much as 9 billion barrels of oil. The company said it had completed its B-Nez 43H-1 and B-Nez 43H-2 wells in Tangipahoa Parish. The wells had an average daily production rate equivalent to 875 barrels of oil. Goodrich said it has also fracked its Kinchen 58H-1 well in Tangipahoa Parish. The company expects to complete two other Louisiana wells early in the fourth quarter, the Painter et al 5H-1 in Tangipahoa and the Alford 10H-1 in Washington Parish. Goodrich said it expects better crude prices at that point. Goodrich now has no rigs drilling in the shale but expects to begin drilling operations in early 2016 assuming crude prices reach acceptable levels.
Is there any more specific information on this? Two wells averaged together? I would rather see individual data. Also on a new well isn't the initial production usually reported. 875 average daily production? Over what period of time?
Does anyone have more specific data or thoughts on this?
I highly doubt that the 875 number is for both wells combined - most likely that each well is in this range. As you can see, info from their announcement was left out of the info in the header of this topic:
"The Company has completed on restricted chokes, its B-Nez 43H-1 (70% WI) and B-Nez 43H-2 (74% WI) wells in Tangipahoa Parish, Louisiana at an average production rate of 875 BOE (99% oil) per day. The wells produced at similar rates and averaged 6,250 feet of lateral and 20.5 stages range."
Have to figure this is IP / early flow back info - only time will tell how these two wells do with respect to production decline.
There is no more specific data available at this time. There are no completion or allowable reports entered in the state database. Those reports will likely be available sometime in the next couple of weeks.
any word on the Kinchen 58H-1 I know it was in flow back when do you think they will have a daily production rate?
There is nothing in the pubic record as to production. GDP may announce the well results in their corporate presentation on Aug. 19.