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

HOUSTON, June 18, 2014 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) today announced the completion of its Nunnery 12-1H-1 (93.3% WI) well in Amite County, Mississippi.  The well has achieved a peak 24-hour average production rate to date of approximately 815 barrels of oil equivalent ("BOE") per day, comprised of 785 barrels of oil and 185 Mcf of gas on a 17/64 inch choke from an approximate 6,000 foot lateral.  The well, which is located near the Pike County line along the northeastern boundary of the Company's acreage block, landed in the Company's lower target and was completed with 22 frac stages.   

The Company has also completed frac operations, drilled out the frac plugs and will commence flow back on its Beech Grove 94H-1 (66.7% WI) well in East Feliciana Parish, Louisiana this week, with results expected by the end of June.  The Beech Grove well was drilled with an approximate 6,000 foot lateral and completed with 21 frac stages.   

The Company has completed drilling operations on the SLC, Inc. 81H-1 (66.7% WI) well in West Feliciana Parish, Louisiana and expects to commence frac operations in early July.  The Company has also reached total depth on its Denkmann 33-28H-2 (75% WI) well in Amite County, Mississippi with an approximate 6,200 foot lateral drilled in 25 days, a record for the Company. The Company continues with drilling operations on its CMR-Foster Creek 24-13H-1 (84.7% WI) well in Wilkinson County, Mississippi and the Bates 25-24H-1 (97.6% WI) well in Amite County, Mississippi.  

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.

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