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Goodrich Petroleum Announces Results Of The CMR 8-5H-1 Well And Provides Operational Update In The Tuscaloosa Marine Shale ("TMS")

Stocks in this article: GDP

HOUSTON, March 24, 2014 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) today announced the completion of its CMR 8-5H-1 (100% WI) well in Amite County, Mississippi.  The well has achieved a peak 24-hour average production rate to date of 950 barrels of oil equivalent ("BOE") per day, comprised of 900 barrels of oil and 300 Mcf of gas, and has produced an average of approximately 900 BOE per day over six days.  The well, which landed in the Company's lower target, has approximately 5,300 feet of lateral and was fracked with 20 stages using composite plugs that were drilled out prior to flow back.  

The Company also announced an update on its Weyerhaeuser 51-H-1 (66.7% WI) well in St. Helena Parish, Louisiana.  As previously reported, the well has experienced mechanical issues and the Company did not get all of the permanent frac plugs drilled out.  The well is in the early stage of flow back and based on flowing pressure and fluid rates, the Company does not expect peak rate for the well to be as high as previously drilled wells.

The Company is currently fracking its Blades 33H-1 (66.7%) well in Tangipahoa Parish, Louisiana. The Blades 33H-1 well was drilled to total depth in 36 days, landed in the Company's lower target and has a lateral length of approximately 5,100 feet.  The Company is using composite plugs with plans to drill them out prior to flow back, similar to the CMR 8-5H-1 well.

The Company is currently drilling the C.H. Lewis 30-19H-1 (81.4% WI) and Nunnery 12-1H-1 (91.2% WI) wells in Amite County, Mississippi, as well as the Beech Grove 94H-1 (66.7% WI) well in East Feliciana Parish, Louisiana.  All wells are planned for 6,000 foot laterals or greater in the lower target and will use composite frac plugs to be drilled out prior to flow back. 

The Company has in excess of 300,000 net acres and three rigs running currently in the play, with the plan to go to five rigs by the end of the year pending continued success.

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