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GOODRICH SECOND QUARTER RESULTS ANNOUNCEMENT

by Skip Peel - Mineral Consultant

Aug 5, 2015

Goodrich Petroleum Announces Second Quarter 2015 Financial Results And Operational Update (TMS Excerpt)

HOUSTON, Aug. 5, 2015 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) (the "Company") today announced financial results and an operational update for the second quarter ended June 30, 2015. 

HIGHLIGHTS:

TUSCALOOSA MARINE SHALE ("TMS"):

  • The Company has completed two additional wells on restricted chokes at an average rate of approximately 875 BOE (99% oil) per day;
  • Current well costs have been lowered to approximately $10.5 million on the most recent drilled and completed well (B-Nez 48H-2) due to reduced drilling days and lower service costs. Current bids are lower than the last well drilled, as two well pad costs now estimated at approximately $9.3 million per well.