Goodrich Petroleum Corporation (GDP) announced financial and operating results for the quarter ended June 30, 2012.
South Henderson Divestiture
The Company has entered into a letter of intent to sell its South Henderson field in Rusk County, Texas for $95 million, with an effective date of July 1, 2012 and an estimated closing date of October 1, 2012. The purchase and sale of the field is contingent upon negotiation of definitive agreements, containing customary terms and conditions.
Eagle Ford Shale Trend, LaSalle and Frio Counties, Texas
In the Eagle Ford Shale Trend, the Company conducted drilling operations on 13 gross (9 net) wells and added 7 gross (4.5 net) wells to production for the quarter. Since the end of the second quarter, the Company has averaged approximately 3,500 barrels of oil per day. Due to timing of completions, the Company expects to average 3,200 – 3,600 barrels of oil per day for the quarter, with 4 gross (3 net) wells added during July and 5 gross (3 net) wells added in September. The Company is currently running two operated rigs in the Eagle Ford Shale Trend.
Pearsall Shale Trend
The Company owns deep rights to approximately 10,000 net acres prospective for the Pearsall Shale on its Eagle Ford Shale Trend acreage, and it continues to monitor offset operator activity for potential future development.
Tuscaloosa Marine Shale Trend
The Company is currently drilling its first operated well, the Denkmann 33 H-1(75% WI), with completion scheduled within 30 days, to be followed by the Crosby 12H-1 (75% WI). The Company has participated in a non-operated well, the Joe Jackson 4H-2 (25% WI), which is scheduled to be fracked in August, and will be participating in two additional non-operated wells, the Ash 31 H-1 (20% WI) and Ash 31 H-2 (20% WI) during the second half of the year. With the success we have experienced to date, the Company anticipates moving a second rig into the TMS from the Eagle Ford Shale in the second half of the year, with the possibility of running 2 – 3 operated rigs in the TMS in 2013.
