Goodrich Petroleum (GDP) issued an operational update on its properties in Louisiana and Texas that are prospective for the Haynesville Shale.
Goodrich Petroleum increased its total 2011 capital budget by $10 million, from $225 million to $235 million. The company has allocated $52 million to develop the Haynesville Shale in two areas of its portfolio.
Angelina River Trend
During the fourth quarter of 2010, the company drilled 12 gross or 4 net wells into the Haynesville Shale. In the Angelina River Trend, located in Nacogdoches and Angelina Counties, Texas, Goodrich Petroleum is currently performing hydraulic fracturing operations on the Nelson 1H Haynesville Shale well. The company expects results in the first quarter of 2011, and expects to drill one well here in the third quarter of 2011.
Goodrich Petroleum is most active in the core Haynesville Shale in Northwest Louisiana. The company reported the completion of the Cason 14 H-1 well which has a 24 hour production rate of 14.9 million cubic feet equivalent per day on a .28125 inch choke.