We exited 2012 with $95 million outstanding under our senior credit facility, down from $99 million outstanding at the end of the third quarter providing us with liquidity of approximately $115 million as we enter 2013. Assuming no changes in our bank group's commodity price assumptions, our continued crude oil production growth should provide incremental improvement in the amount of our borrowing base during 2013.While we are certainly disappointed that we were not able to repair the parted casing on the Denkmann 33H-1 in the TMS, we are currently working on plans to sidetrack around the obstruction and re-drill the lateral portion of the well. In addition, we are pleased with the drilling of the lateral in the Crosby 12H-1 well, have set and cemented production casing, and are anticipating completion results in the coming weeks in addition to our two non-operated Ash wells. We also expect a number of additional completions and data points in the next couple of months which we believe will incrementally assist in demonstrating the economic viability of this emerging oil play."
Goodrich Petroleum Announces 2013 Capital Expenditure Budget, Guidance And Operational Update
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts