PRODUCTION - The Company also announced an increase in production during 2003. The Company's net production increased by approximately 22% to 484,444 barrels of oil and 3,361,041 Mcf of gas, or 6,267,705 Mcf equivalent, versus 451,564 barrels of oil and 2,477,790 Mcf of gas, or 5,187,174 Mcf equivalent in 2002.
OPERATIONS - During 2003, the Company drilled and participated in eleven (11) new wells of which nine (9) or eighty-two percent (82%) were successful. As previously announced, the Company has set a preliminary capital expenditure budget for 2004 of approximately $25 million, which includes plans for the drilling of approximately fifteen (15) new wells. The Company also announced preliminary test results from the 10,600' sand on its Dempsey prospect discovery. During an approximate 12-hour test, the Goodrich Petroleum Company, State Lease 17381 No. 1 well in South Pass Block 41 flowed at an average rate of approximately 800 barrels of oil per day and 1,000 Mcf of natural gas. The Company also plans to test the 9,100' sand and anticipates completing installation of flowline and production facility and initiating production during May 2004. In Northwest Louisiana and East Texas, the Company announced that it has acquired an interest in approximately 28,000 gross acres in the Cotton Valley Trend and has plans to drill approximately five wells on its acreage during the first half of 2004.
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