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Goodrich Petroleum Announces Tuscaloosa Marine Shale ("TMS") Well Result And Operational Update

Stocks in this article: GDP

HOUSTON, April 14, 2014 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) today announced the completion of its Blades 33H-1 (66.7% WI) well in Tangipahoa Parish, Louisiana.  The well has achieved a peak 24-hour average production rate to date of 1,270 barrels of oil equivalent ("BOE") per day, comprised of 1,250 barrels of oil and 115 Mcf of gas on a 14/64 inch choke from an approximate 5,000 foot lateral.  The well landed in the Company's lower target, was drilled and completed under budget and was fracked with 20 stages using composite plugs that were drilled out prior to flow back.  The Company's completion methodology was slightly modified from previously completed wells.  The well was drilled on a portion of the 185,000 net acres acquired in August 2013 and is approximately 48 miles southeast from the Company operated Crosby 12H-1 well in Wilkinson County, Mississippi and five miles east of a horizontal well previously drilled on the acquired acreage. 

The Company has drilled its C.H. Lewis 30-19H-1 (81.4% WI) well in Amite County, Mississippi in 36 days, with approximately 6,600 feet of usable lateral.  The well landed in the Company's lower target and has 26 planned frac stages using the Company's modified completion design.   Fracking operations are expected to commence by the end of April.  

The Company is currently drilling the  Nunnery 12-1H-1 (91.2% WI) well in Amite County Mississippi, the Beech Grove 94H-1 (66.7% WI) well in East Feliciana Parish, Louisiana and the SLC, Inc. 81H-1 (66.7% WI) well in West Feliciana Parish, Louisiana.  All wells are planned to be drilled in the lower target with a minimum of 6,000 foot laterals and use the modified completion design. 

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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