Monday, April 12, 2010

Goodrich Adds Acreage in Texas

Goodrich Petroleum agreed to a deal for a 58% interest in 7,300 gross acres (4,200 net) in Shelby and northern Sabine Counties, Texas through a drilling agreement with the current lease holder.  The agreement specifies that Goodrich will pay approximately $9.6 million of drilling costs (about $2,285 per net acre) for its 58% interest.  No money was exchanged up front and the $9.6 million is already included in the company's 2010 capital budget.

Goodrich believes the land to be prospective for both the Haynesville and Bossier Shales.  The transaction brings Goodrich's Haynesville acreage to 89,500 net acres. 

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