Goodrich Petroleum Corporation announces completion update

Goodrich Petroleum Corporation has recently announced that it has commenced completion operations on two of its six drilled, but uncompleted wells in the Tuscaloosa Marine Shale (TMS).

The B-Nez 43H-1 and B-Nez 43H-2 wells in Tangipahoa Parish are near completion of fracture stimulation, with flow back and initial production expected within 1-2 weeks. Goodrich Petroleum Corporation currently anticipates completing the remaining four drilled but uncompleted TMS wells from mid-July through early September 2015. All six wells, which are located within the company's core acreage position of 150 000 acres, will be completed prior to the fall borrowing base redetermination, scheduled for October 2015.

The company's full year capital expenditure budget of US$90 - 110 million was front-end loaded, with approximately 46% of the budget at the mid-point of guidance spent in the first quarter, as it entered the year with three rigs under contract. Goodrich Petroleum Corporation currently has zero rigs running with plans to bring a rig back to the TMS in October, with no change to previously issued guidance.

Update on Eagle Ford asset

The company re-affirms second quarter capital expenditure guidance of US$10 - 15 million and exited the first quarter with in excess of US$100 million of liquidity. Goodrich Petroleum Corporation maintains the ability to enhance liquidity by pursuing a potential joint venture or sale of its Eagle Ford Shale asset.

Adapted from a press release by David Bizley

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