The Company's most recent well, the Goodrich Petroleum, Champe Graham No.1, has been dually completed and tested in both the Cotton Valley and Hosston sands. The Cotton Valley sand has been completed with three (3) frac stages and tested at a rate of 1,050 mcf (gross) per day on a 28/64ths inch choke and 725# of flowing tubing pressure. The Hosston sands have been completed in two (2) frac stages and tested at a rate of 4,600 Mcf (gross) per day on a 28/64ths inch choke and 1,550# flowing casing pressure for a combined rate of approximately 5,500 Mcf per day. The Company is finalizing pipeline connection to the well and expects to begin production to sales in the next few days.
In addition, the Company has finalized its plans to drill an initial horizontal well targeting the lower Cotton Valley sand section in the Bethany- Longstreet Field and currently expects to spud the horizontal well in late December 2006. This will be the second horizontal well attempted by the Company across its entire acreage position, the first being the JK Williams No.1-H which spudded on October 23, 2006 and is currently drilling in the North Minden Field in Panola County, Texas.
Goodrich Petroleum is an independent oil and gas exploration and production company listed on the New York Stock Exchange. The majority of its properties are in Louisiana and Texas.
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