Friday, December 4, 2009

Goodrich: New Acreage, Results, 2010 Capex

Yesterday, Goodrich Petroleum announced that it is acquiring 12,000 net acres in Nacogdoches and Angelina Counties, TX that the company believes is prospective for the Haynesville Shale.  With the soon to close transaction, Goodrich will have 85,000 net Haynesville acres. The purchase will bring net Haynesville acreage in the Angelina River Trend to 22,000 acres.  The company plans to drill this land in the first half of 2010.

Goodrich announced that its preliminary 2010 capital budget will be $230 million, the same as its 2009 budget.  This budget should fund 46 gross (24 net) horizontal wells.  Approximately two-thirds of this will be spent in Caddo and DeSoto Parishes, LA.  Of the $230 million, $190 million will go to drilling and completion and $40 million will go to leasehold and infrastructure.

The Company also announced two Louisiana completions in the Bethany-Longstreet Field (initial production rates are peak 24 hour rates, so the "official" results reported later will be lower):
  • Garland 25 H #1 (Goodrich is operator with 33% working interest): 20.2 MMcf/day IP on 24/64" choke at 7,700 psi; DeSoto Parish, Sec. 25/Township 14/Range 16; Haynesville reservoir A, serial #240013
  • Sentell 35 H #1, Chesapeake Operating (Goodrich has 27% WI): 13.9 MMcf/day IP on 22/64"choke at 6,800 psi; Caddo Parish, S35/T15/R16; Haynesville res. A, serial #239636

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