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Permalink Reply by Skip Peel - Mineral Consultant on September 8, 2008 at 7:56

In North Louisiana, the company has logged the Hall No. 9-1, which is the third vertical Haynesville Shale test in the Central Pine Island area of Caddo Parish, Louisiana. The Hall No. 9-1, in which the Company owns a 50% interest, logged approximately 315' of pay in the Haynesville Shale with excellent gas shows. Also in North Louisiana, in the Company's joint venture with Chesapeake Energy, the initial horizontal Haynesville Shale test in the Bethany-Longstreet field is planned to spud this week in northern DeSoto Parish, as well as an additional vertical Haynesville Shale test in the Longwood field in Caddo Parish.

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Permalink Reply by Skip Peel - Mineral Consultant on September 8, 2008 at 12:58

Thanks, Gatrpaw. I have followed some of the information that you reference on the North Caddo Parish Group in the past. You did a great job of pulling it all together in one reply. I do not wish to create unrealistic expectations in the area of this activity but thought it worth posting the information in the report released today. Referencing "fields" may confuse some. If I understand what is occurring, "fields" are much less meaningful than section/township/range. In general, I am encouraged that information is becoming public that is useful for land/mineral owners to use in making an informed decision. You have been a significant contributor to that process. I'm sure we all appreciate your posts.

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Permalink Reply by Spring Branch,mineral owner on September 8, 2008 at 13:08

The Hall 9 well is in T19N/R15W, Section 9

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Permalink Reply by Skip Peel - Mineral Consultant on September 8, 2008 at 13:35

Thanks, Spring Branch. You are correct. Hall 9 is serial #238345 in 09-19N-15W. As Gatrpaw has pointed out, there are more than one "Hall" well in the vicinity. For clarity sake, I suggest we include the serial number whenever we reference information in the future on a particular well.

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Permalink Reply by Skip Peel - Mineral Consultant on September 8, 2008 at 14:06

Thank you, Gatrpaw. Since my attempt to post the link to the on-line report did not seem to work to start off the topic, I excerpted the paragraph referencing the well Goodrich referred to (6 hours ago in the thread). The 315" of HA was attributed to the Hall # 9-1. Has there been an additional report of 315' for the Hall #5? I am curious but don't have a dog in this hunt. I will however be an interested observer going forward. I am gratified that there is some public confirmation of the HS in north Caddo. I'll look forward to more.

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Permalink Reply by Skip Peel - Mineral Consultant on September 8, 2008 at 15:02

Gatrpaw. I'm not tired and I'm not about to tell you, "you are on the fringe". In fact, I think you are in a very good spot (Blanchard). I prefer to consider myself a "mineral researcher" as I do not have nearly the knowledge and experience of many of the "landmen" represented amongst our members. I prefer to do research for land/mineral owners. I don't offer legal, geologic or negotiating services. I find every facet of the HS to be of interest. And I come to the site to learn and keep up with the latest. I hope all of our members have 300' of pay and long years to reap the benefits for themselves and their families.

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Permalink Reply by getoverit on September 8, 2008 at 16:12

Skip,
Do you have any idea if and when GP is planning on drilling in 22-19-15? We are on Martha St, right off Hwy 1 past 173...right down the road from the Hall # 9 ser # 238345. We're looking forward to fixing up the place here in N Caddo and moving on to the back 40 in DeSoto...literally. lol

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Permalink Reply by Skip Peel - Mineral Consultant on September 8, 2008 at 16:26

Nope, I don't. But I suspect that you will get your answer sooner rather than later. With property in N. Caddo and DeSoto, I think you will have the ability to live most anywhere you like. It's good to know that you will fix up and stick around.

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Permalink Reply by getoverit on September 9, 2008 at 0:38

Yeah, all of our family is here....well, a majority of it at least. We have family in Vivian, Oil City, Belcher, and Mooringsport. Which is why we want to move to DeSoto. lol j/k. We leased to Caddo Resources back in 06 and that lease won't expire until next Aug. It looks like we won't be able to take advantage of any of the new lease bonus offers, but hopefully they will be drilling in our area soon and we will see some good results.
We own 78 acres in DeSoto, 38 of which we just leased to Petrohawk in May. The other 40 is currently under a lease that expires in Dec. We're looking at clearing off the land and building a log home on part of it. Just drove out there this weekend and noticed that they had recently done some clearing on the corner of LA 510. Looks like maybe they might be building a pad site there, but I could be wrong. This is right off I49 (take Coushatta/Pleasant Hill exit to the left if coming from Shreveport), and our property is down the road a little bit off LA 510. It looks promising. =)

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Permalink Reply by Skip Peel - Mineral Consultant on September 9, 2008 at 1:23

getoverit. I have a good friend who lives in Mooringsport and that is one of the reasons I follow activity in N. Caddo. He is unleased so I've got my fingers crossed that he makes out well. Do you know who the operator will be on your Caddo Resources lease? With less than a year to go on that lease and only 4 months on the 40 acres in DeSoto, you are now in a position to "top lease". It is still unclear whether the shortage of rigs and personnel will allow O&G's to get to all those acres leased but undrilled. You are not out of the "bonus game" quite yet my friend. If you have any questions, let me know.

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Permalink Reply by getoverit on September 9, 2008 at 3:14

Not really sure who the operator would be on the Caddo Resources lease in N Caddo. I am assuming that since we are in the Longwood Field area that GP would have a hand in it.
We found out within the last month that Chesapeake bought our lease in DeSoto on the 40 acres, so we are really hoping to get a good offer from them to sign a new lease around November or December. =)

Permalink Reply by SharonB T18N R15W S8 on September 9, 2008 at 4:01

Goodrich Petroleum Announces Mid-Year Reserves, Angelina River Trend Acquisition and Haynesville Shale Activity Update
Monday 09/08/2008 8:48 AM ET - Pr Newswire
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As of 10:20 AM ET 9/9/08Goodrich Petroleum Corporation (NYSE: GDP) today announced that it has received its fully engineered mid-year 2008 reserve report, completed the acquisition of additional acreage in the Angelina River Trend in Nacogdoches County, Texas and provided a Haynesville Shale activity update.

MID-YEAR RESERVES

The Company has received its fully engineered mid-year reserve report from Netherland, Sewell & Associates, Inc. with an effective date of June 30, 2008. Total proved reserves are 422 Bcfe, 97% natural gas and 38% developed. Proved reserves grew by 18% during the first half of 2008, up from 358 Bcfe of proved reserves at year end 2007 and proved developed reserves grew by 44% in the first half of 2008.

The reserves were calculated with an effective date of June 30, 2008 at unescalated pricing of $13.00 per MMBtu of natural gas and $140.00 per barrel of oil. Proved reserves were almost exclusively located in the Company's Cotton Valley Trend of East Texas and North Louisiana. Future net revenue before income tax expense from proved reserves at June 30, 2008 pricing is estimated to be $3.46 billion, with pre-tax present worth discounted at 10% of $1.57 billion.

Upon delivery of the reserve report and review by its bank group, the Company expects to receive an updated borrowing base within the next 30 days.

ANGELINA RIVER TREND ACQUISITION

The Company announced it has closed on the acquisition of a 50% operated interest in approximately 3,000 gross (1,500 net) acres in northern Nacogdoches County, Texas, approximately 5 miles southeast of the Trawick Field. Purchase price for the acreage, including drilling promote on the initial well, is estimated to be approximately $1.9 million. The Company has the right to acquire through future development a 50% interest in an additional 3,000 gross (1,500 net) acres for $1,000 per acre, bringing the total potential acreage to approximately 6,000 gross (3,000 net) acres. The Company has spud the initial well on the prospect, the Goodrich Petroleum, Tucker No. 1, which is planned to be drilled to approximately 14,500' and test the primary objectives of the James Lime and Travis Peak formations, as well as the secondary objective of the Bossier/Haynesville Shale.

HAYNESVILLE SHALE ACTIVITY UPDATE

The Company has completed the T. Swiley No. 5 well in the northwest portion of the Minden field in Rusk County, Texas. The well is a vertical Haynesville Shale test with an initial production rate of 1,300 Mcf per day from approximately 150' of net Haynesville Shale pay. The well is the fourth vertical well the Company has drilled and tested in the Haynesville Shale formation in the Minden and Beckville fields in East Texas, where the Company maintains a 100% working interest in approximately 39,000 net acres. The Company's initial horizontal Haynesville Shale test in East Texas is planned for the fourth quarter of 2008.

In North Louisiana, the company has logged the Hall No. 9-1, which is the third vertical Haynesville Shale test in the Central Pine Island area of Caddo Parish, Louisiana. The Hall No. 9-1, in which the Company owns a 50% interest, logged approximately 315' of pay in the Haynesville Shale with excellent gas shows. Also in North Louisiana, in the Company's joint venture with Chesapeake Energy, the initial horizontal Haynesville Shale test in the Bethany-Longstreet field is planned to spud this week in northern DeSoto Parish, as well as an additional vertical Haynesville Shale test in the Longwood field in Caddo Parish. A second rig is planned to be added to the Chesapeake joint venture in October.

The Company currently expects to drill 16-18 (12-13 vertical and 4-5 horizontal) Haynesville Shale wells in East Texas/North Louisiana by the end of 2008.

Gil Goodrich, Goodrich's Vice Chairman and Chief Executive Officer commented, "The increase in proved reserves at mid-year further illustrates the success of our strategy to rapidly convert non-proven 2P and 3P reserves into the proven classification and increase proven net asset values. We are very pleased with our drilling results in the first half of this year adding approximately 75.5 Bcfe, including the 11.4 Bcfe of production replaced during the first six months of the year, on drilling and development capital expenditures of approximately $165 million. Our recent acreage acquisition in Nacogdoches County further expands our footprint in the Angelina River Trend where we have experienced continued success during 2008 for both the Travis Peak and James Lime formations. Finally, our nine vertical Haynesville Shale wells drilled to date, which have been strategically spaced across our 60,500 net acres in North Louisiana and East Texas, have significantly de-risked our core Haynesville Shale acreage. This positions us extremely well to begin the development and exploitation of the Shale with horizontal drilling, and we are excited to begin this aggressive horizontal Haynesville development in the next few weeks."

OTHER INFORMATION

Certain statements in this news release regarding future expectations and plans for future activities may be regarded as "forward looking statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as financial market conditions, operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels.

Goodrich Petroleum is an independent oil and gas exploration and production company listed on the New York Stock Exchange. The majority of its properties are in Louisiana and Texas.

SOURCE Goodrich Petroleum Corporation

http://www.goodrichpetroleum.com

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