Goodrich Petroleum Q2 results

Goodrich Petroleum Corporation has announced its financial and operating results for Q2, 2014.

Financial results

The company’s revenues totalled US$ 53.3 million in the quarter versus US$ 48.5 million in the prior year period. Average realized price per unit was US$ 8.53/million ft³ in the quarter versus US$ 7.22/million ft³ in the prior year period;

Earnings before interest, taxes, DD&A, non-cash general and administrative expenses and exploration totalled US$ 31.5 million for the quarter and US$ 60.5 million for the six month period ended June 30, compared to US$ 31.5 million in the prior year quarter and US$ 58.6 million in the prior year six month period.

Oil production

Oil production increased 30% to 381 000 barrels, or approximately 4200 bpd, during the quarter, compared to 292 000 barrels, or approximately 3200 bpd in the prior year period. Oil production grew 11% sequentially over the prior quarter.

Shale operations

The company's SLC, Inc. 81H-1 (67% WI) well in West Feliciana Parish, Louisiana has achieved a peak 24-hour production rate to date of approximately 900 boe/d (96% oil) from an approximate 7000 ft lateral with 27 frac stages.

The non-operated Lewis 7-18H-1 (17% WI) well in Amite County, Mississippi, has achieved a peak 24-hour production rate to date of approximately 1500 boe/d (93% oil) from an approximate 8100 ft lateral with 29 frac stages.

The non-operated Mathis 29-32H-1 well in Amite County, Mississippi has achieved a peak 24-hour production rate to date of approximately 1300 boe/d (92% oil) from an approximate 6400 ft lateral with 17 frac stages. The company owns a 6.5% reversionary interest in the well and the right to participate in subsequent wells drilled in the unit.

The company's previously announced Beech Grove 94H-1 (67% WI) well in East Feliciana Parish, Louisiana, which had a reported initial rate of 740 boe/d, achieved a 30-day average production rate of approximately 600 boe/d (90% oil). The Beech Grove continues to perform very well and has thus far exhibited a flatter decline curve profile. The well is currently producing approximately 550 boe/d and is currently on the company's 600 million boe type curve.

The full financial results can be accessed here.

Adapted from press release by Cecilia Rehn

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/11082014/goodrich-petroleum-corporation-announces-financial-and-operating-results-for-q2-2014/