Eagle Ford Shale

Goodrich Petroleum Reports Update On Seven Eagle Ford Shale Wells

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.

Goodrich Petroleum Reports Completion Of Burns Ranch A 1H Well In Eagle Ford Shale

Goodrich Petroleum (GDP) reported the completion of a well on its acreage in Texas that is prospective for the Eagle Ford Shale.

Goodrich Petroleum said that the Burns Ranch A 1H well produced at a 24 hour rate of 1,010 barrels of oil equivalent (BOE) per day, comprised of 930 barrels of oil per day and 480,000 cubic feet of natural gas per day.

Goodrich Petroleum said that the Burns Ranch A 1H well was drilled with a 5,900 foot lateral and completed with a 20 stage hydraulic fracturing operation.   The Burns Ranch A 1H well is located in LaSalle County, Texas.

Goodrich Petroleum has finished drilling the Pan Am C-1H well and is currently completing that well.  The company has also finished drilling the Burns Ranch 4H well and will start completion operations on this Eagle Ford Shale well shortly.