Wednesday, April 22, 2009

Goodrich: Update

Goodrich Petroleum, with it's hot focus on the Haynesville Shale, had lots to report at the IPAA Conference this week. Goodrich has 63,000 net leased acres in the Haynesville Play and has been fairly active in testing and drilling. Most of its active acreage is located in the Bethany Longstreet Field and the Longwood Field in north Louisiana. Goodrich has dedicated 65% of its $300 million 2009 capital budget to the Haynesville Shale and plans to drill 40 (gross) wells.

Below I've copied a few maps from the presentation showing the activity, both by Goodrich as well as its competitors. It's interesting to note the sheer number of Haynesville penetrations on the maps. While it's a terrible gas price environment, the exploration companies are continuing to drill.

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