Haynesville Shale

Goodrich Petroleum Updates Haynesville Shale Operations For 2010

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.

Northwest Louisiana

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.

EXCO Resources Issues Haynesville Shale Budget For 2011

EXCO Resources (XCO) released preliminary information on its proposed capital budget for exploration and development activities for 2011.  The company plans to spend $976.2 million in 2011 on various activities, including $757 million in Texas and Louisiana, where the company is developing the Haynesville Shale.  The funds will be spent as follows:

Drilling and Completion Costs - $683 million

Lease Acquisitions - $29.8 million

Operations Projects - $41.8 million

Seismic Data Acquisitions - $2.4 million

EXCO Resources plans to operate 22 drilling rigs to drill and complete 163 gross or 58.7 net wells into the Haynesville Shale. The company will also participate in 70 gross wells on a non operating basis.

EXCO Resources will operate 15 rigs in the Holly project area in DeSoto and Caddo Parishes in Louisiana, and 7 rigs in the Shelby Trough area in Nacogdoches, San Augustine and Shelby Counties in Texas.