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SOURCE Goodrich Petroleum Corporation
HOUSTON, July 7, 2014 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) today announced the completion of its Beech Grove 94H-1 (66.7% WI) well in East Feliciana Parish, Louisiana. The well has achieved a peak 24-hour production rate to date of approximately 740 barrels of oil equivalent ("BOE") per day, comprised of 672 barrels of oil and 412 Mcf of gas on a 19/64 inch choke. The Beech Grove 94H-1 well was drilled with an approximate 6,000 foot lateral, landed in the Company's lower target and was completed with 21 frac stages.
The Company has commenced completion operations on its SLC, Inc. 81H-1 (66.7% WI) well in West Feliciana Parish, Louisiana, and its Denkmann 33-28H-2 (75% WI) and Bates 25-24H-1 (97.6% WI) wells in Amite County, Mississippi. The Company continues with drilling operations on its CMR-Foster Creek 24-13H-1 (84.7% WI) well in Wilkinson County, Mississippi and plans to spud its Spears 31-6H #1 (73.9% WI) well in Amite County, Mississippi and its CMR-Foster Creek 31-22H #1 (89.5% WI) well in Wilkinson County, Mississippi in the coming days.
The Company is currently running three rigs in the TMS with plans to go to as many as five rigs by the end of the year pending continued success. The Company has in excess of 300,000 net acres in the play.
A copy of the latest corporate presentation is available on the Company's website at www.goodrichpetroleum.com.
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, changes in commodities prices and costs of drilling and completion, 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. In particular, production from horizontal drilling in shale oil and gas resource plays and tight oil and gas plays that are stimulated with extensive pressure fracturing are typically characterized by significant early declines in production rates.
Goodrich Petroleum is an independent oil and gas exploration and production company listed on the New York Stock Exchange.
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