The Beech Grove 94H-1 well achieved a peak 24-hour production rate of about 740 barrels of oil equivalent a day, comprised of 672 barrels of oil and 412Mcf of gas on a 19/64-inch choke. The well was drilled with a 6,000 foot lateral and landed in Goodrich Petroleum's lower target. The company completed the well with 21 frac stages.
Goodrich Petroleum is currently operating three rigs in the Tuscaloosa Marine Shale, and plans to increase the number to as many as five by the end of 2014. The company has more than 300,000 acres in the play.
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TheStreet Ratings team rates GOODRICH PETROLEUM CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate GOODRICH PETROLEUM CORP (GDP) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and increase in net income. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet."