Crosby 12H1
Goodrich Petroleum Announces Tuscaloosa Marine Shale Well Result
February 6, 2013 7:51 AM ET
HOUSTON, Feb. 6, 2013 /PRNewswire/ -- Goodrich Petroleum Corporation GDP today announced the completion of its Crosby 12H-1 (50% WI) well in Wilkinson County, Mississippi. The well is continuing to improve with a current production rate of 1,250 barrels of oil equivalent ("BOE") per day and a 24 hour average rate of 1,130 BOE per day comprised of 1,050 barrels of oil and 469 Mcf of gas, on a 15/64" choke with 2,700 psi. The well, which has approximately 6,700 feet of usable lateral and was fracked with 25 stages, is in the early stage of flowback, with approximately 1% of the frac fluid recovered to date.
The Company is also participating in the Anderson 17H-2 well, which is currently drilling, with a 7% non-operated working interest. The Company plans to spud its next operated TMS well, the Smith 5-29H-1, during the second quarter. The Ash 31H-1 and Ash 31H-2 wells, in which the Company has a 12% non-operated working interest, are currently expected to be completed in February.
The Company currently has approximately 135,000 net acres in the play, and now expects to spend the higher end of its previously announced 2013 capital expenditure budget in the TMS of approximately $50 million.
Encana and Contango Oil & Gas Company each own a 25% working interest in the Crosby 12H-1 wel
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Goodrich Petroleum Gains on Tuscaloosa Well Output: Dallas Mover
By Mike Lee - Feb 6, 2013 11:05 AM CTGoodrich Petroleum Co., an independent oil and natural gas producer with properties in five states, rose the most in more than four years after a well in the Tuscaloosa Marine Shale began producing the equivalent of 1,250 barrels of crude a day.
Goodrich increased 21 percent to $12.83 at 11:39 a.m. in New York, the most intraday since Nov. 24, 2008.
Goodrich’s Crosby 12H-1 well in Wilkinson County, Mississippi, had initial production of 1,050 barrels of oil a day and 469,000 cubic feet of gas, according to a statement today. Encana Corp. and Contango Oil & Gas Co. each own a 25 percent working interest in the well.
“We think this is a solid well for Goodrich,” Michael Hall, an analyst for Robert W. Baird & Co., wrote in a note to clients. It’s the company’s second operated well in the Tuscaloosa, and its first successful well, he said in an e-mail.
The Tuscaloosa, a dense rock formation similar in age to the Eagle Ford Shale in Texas, lies as much as 15,000 feet (4,570 meters) below parts of Louisiana and Mississippi, and may hold 7 billion barrels of oil, according to the Louisiana Department of Natural Resources. Like other shale formations, it requires a combination of horizontal drilling and hydraulic fracturing to release the trapped oil and gas.
Other companies exploring the Tuscaloosa formation include Devon Energy Inc. and EOG Resources Inc.
To contact the reporter on this story: Mike Lee in Dallas at mlee326@bloomberg.net
To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net
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