Goodrich Petroleum (GDP) updated its operational activity in south Texas, where the company has acreage prospective for the Eagle Ford Shale.
Goodrich Petroleum increased its total 2011 capital budget by $10 million, from $225 million to $235 million. The company increased the allocation to the Eagle Ford Shale formation by $45 million, from $100 million to $145 million.
During the fourth quarter of 2010, the company drilled 4 gross or 3 net wells into the Eagle Ford Shale. Goodrich Petroleum reported the status of seven Eagle Ford Shale wells on its acreage in LaSalle and Frio Counties, Texas:
Burns Ranch 4H –600 barrels oil equivalent (BOE) per day (24 hour initial production rate)
Pan Am C-1H – 250 BOE per day (24 hour initial production rate)
Burns Ranch 9H, Burns Ranch 7H and Pedro Morales 7H – Undergoing completion operations
Burns Ranch 5H and Burns Ranch 16H – Being drilled
Goodrich Petroleum is operating two rigs on its Eagle Ford Shale acreage and expects to drill from 22 to 26 wells on its 40,000 net acres.