HOUSTON, Feb. 14, 2018 /PRNewswire/ -- The Company
today announced year-end reserves, an operational update and the
ringing of the opening bell at the New York Stock
Exchange.
RESERVES
The Company announced that its proved oil and natural gas
reserves as of December 31, 2017
increased by 41% to 428 billion cubic feet equivalent ("Bcfe")
versus 303 Bcfe at year-end 2016. PV10 for year-end 2017 proved
reserves was $264.2 million. Oil
and natural gas prices used to determine proved reserves were
$51.34 per barrel of oil and
$2.98 per MMBtu of natural gas,
pursuant to Securities and Exchange Commission ("SEC") guidelines.
Natural gas reserves comprised 91% of PV10.
The Company had reserve additions and positive revisions of
137.2 Bcfe from drilling and completion capital expenditures of
$38.7 million, for an organic finding
and development cost of $0.28 per
Mcfe. When taking into account the costs incurred in 2017
associated with wells of new developed reserves from probable,
proved undeveloped conversions and workovers, the developed finding
and development cost was $0.87 per
Mcfe.
OPERATIONAL UPDATE
The Company has completed its Franks 25&24-14N-16W 1H (69%
WI) well in DeSoto Parish, Louisiana. The well, which has a producing
lateral length of 9,745 feet, was stimulated with approximately
3,900 pounds of proppant per foot and has achieved a 24-hour peak
rate to date of approximately 30,000 Mcfe per day.
The Wurtsbaugh 25&24-14N-16W 2H (55% WI) and the Wurtsbaugh
25&24-14N-16W 3H (55% WI) wells in DeSoto Parish, Louisiana have been fracked and are currently
in the initial stages of flow back. The completion of the wells was
delayed versus previous expectations due to issues outside of the
Company's control. The Wurtsbaugh 2H has a producing lateral length
of 7,423 feet and was stimulated with approximately 3,500 pounds of
proppant per foot and the Wurtsbaugh 3H has a producing lateral
length of 7,489 feet and was stimulated with approximately 3,700
pounds of proppant per foot. Results from both wells are expected
to be included in the Company's year-end financials press release
on March 1, 2018.
The Company has drilled its Cason-Dickson 14&23 No. 2 (92% WI) well
and is currently drilling the lateral on its Cason-Dickson 14&23 No. 1 (92% WI) well in
Red River Parish, Louisiana. Both
wells, which are planned for approximately 10,000 feet of lateral,
are scheduled to be fracked in March.
NYSE OPENING BELL
The Company will be ringing the opening bell at the New York
Stock Exchange on Thursday, February 15,
2018.
OTHER INFORMATION
Initial production rates are subject to decline over time and
should not be regarded as reflective of sustained production
levels. In particular, production from horizontal drilling in
shale oil and natural gas resource plays and tight natural gas
plays that are stimulated with extensive pressure fracturing are
typically characterized by significant early declines in production
rates.
Unless otherwise stated, oil production volumes include
condensate.
Certain statements in this news release regarding future
expectations and plans for future activities may be regarded as
"forward looking statements" within the meaning of the Securities
Litigation Reform Act. They are subject to various risks,
such as financial market conditions, changes in commodities prices
and costs of drilling and completion, operating hazards, drilling
risks, and the inherent uncertainties in interpreting engineering
data relating to underground accumulations of oil and gas, as well
as other risks discussed in detail in the Company's Annual Report
on Form 10-K for the year ended December 31,
2016 and other subsequent filings with the Securities and
Exchange Commission. Although the Company believes that the
expectations reflected in such forward looking statements are
reasonable, it can give no assurance that such expectations will
prove to be correct.
Goodrich Petroleum is an independent oil and natural gas
exploration and production company listed on the NYSE American
under the symbol "GDP".
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SOURCE Goodrich Petroleum Corporation