Goodrich Petroleum Announces Operational Update
September 18 2009 - 8:00AM
PR Newswire (US)
HOUSTON, Sept. 18 /PRNewswire-FirstCall/ -- Goodrich Petroleum
Corporation (NYSE:GDP) today announced an operational update on its
Haynesville Shale drilling activities in North Louisiana and East
Texas. LOUISIANA BETHANY-LONGSTREET FIELD, CADDO AND DESOTO
PARISHES, LOUISIANA The Company has completed two additional
Chesapeake Energy operated wells in the Bethany-Longstreet field in
Caddo and DeSoto Parishes, Louisiana. The Johnson 10H-1 (50% WI)
had a 24 hour initial production rate of 17.0 MMcf per day on a
22/64 inch choke with 7,500 psi, and the Dixie 31H-1 (19% WI) had a
24 hour initial production rate of 14.4 MMcf per day on a 22/64
inch choke with 6,600 psi. The Company is currently completing two
additional Chesapeake operated wells, the Hunsicker 13H-1 (50% WI)
and Caddo Parish 30H-1 (25% WI), along with one operated well, the
Plants 26H-1 (36% WI). GREENWOOD-WASKOM FIELD, CADDO PARISH,
LOUISIANA The Company has completed its initial operated well in
the Greenwood-Waskom field in Caddo Parish, Louisiana. The Trosper
2H-1 (77.5% WI) had a 24 hour initial production rate of 11.7 MMcf
per day on a 22/64 inch choke with 5,800 psi. LONGWOOD FIELD, CADDO
PARISH, LOUISIANA The Company has completed the Chesapeake Energy -
Bohnert 25H-1 (50% WI) in the Longwood field in northern Caddo
Parish, Louisiana, with a 24 hour initial production rate of 7.5
MMcf per day on a 16/64 inch choke with 5,300 psi. BECKVILLE AND
MINDEN FIELDS, PANOLA AND RUSK COUNTIES, TEXAS The Company has
completed two additional wells in its Beckville/Minden fields in
Panola and Rusk Counties, Texas. The Swiley 4H (100% WI), located
in the northwest corner of its approximate 39,500 acre block, had a
24 hour initial production rate of 7.0 MMcf per day on a 20/64 inch
choke with 5,300 psi. The Company has also completed its
Beard-Taylor 1H (100% WI) at a 24 hour initial production rate of
6.5 MMcf per day on a 21/64 inch choke with 5,100 psi. DRILLING
ACTIVITY The Company currently has five rigs running, with one
operated and three non-operated rigs currently working in
Bethany-Longstreet, and one operated rig running at Beckville. Upon
completion of the Beckville well, the rig will move to
Greenwood-Waskom, and the Company expects to drill in North
Louisiana for the remainder of the year. OTHER INFORMATION 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, 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 and
other 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. Initial production
rates are subject to decline over time and should not be regarded
as reflective of sustained production levels. Goodrich Petroleum is
an independent oil and gas exploration and production company
listed on the New York Stock Exchange. The majority of its
properties are in Louisiana and Texas. DATASOURCE: Goodrich
Petroleum Corporation CONTACT: Robert C. Turnham, President, or
David R. Looney, Chief Financial Officer, both of Goodrich
Petroleum Corporation, +1-713-780-9494, fax, +1-713-780-9254 Web
Site: http://www.goodrichpetroleum.com/
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