HOUSTON, Jan. 4, 2012 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) today announced its preliminary capital expenditure budget for 2012, along with production and cash flow guidance for the year.
2012 CAPITAL EXPENDITURE BUDGET
The Company today announced a preliminary capital expenditure budget for 2012 of
$275 million, which includes
$260 million in drilling and completion expenditures and
$15 million allocated to leasehold and infrastructure expenses. The Company anticipates drilling 49 gross (29 net) to 54 gross (32 net) wells for the year, with approximately 75% of the anticipated drilling and completion capital expenditures allocated to oil directed activity.
Oil directed activity will be concentrated in the Eagle Ford Shale trend with $155 million allocated to 29 gross (19 net) wells (which assumes a combination of 6,000 to 9,000 foot laterals), and the Tuscaloosa Marine Shale trend, with $20 – $45 million allocated to 4 gross (2 net) to 6 gross (4 net) wells.
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