Goodrich Petroleum Corporation has received its fully engineered mid-year 2008 reserve report, completed the acquisition of additional acreage in the Angelina River Trend in Nacogdoches County, Texas, and has provided a Haynesville Shale activity update.
The Company has received its fully engineered mid-year reserve report from Netherland, Sewell & Associates, Inc. with an effective date of June 30, 2008. Total proved reserves are 422 Bcfe, 97% natural gas and 38%
The reserves were calculated with an effective date of June 30, 2008 at unescalated pricing of $13.00 per MMBtu of natural gas and $140.00 per barrel of oil. Proved reserves were almost exclusively located in the
Upon delivery of the reserve report and review by its bank group, the Company expects to receive an updated borrowing base within the next 30 days.
ANGELINA RIVER TREND ACQUISITION
The Company announced it has closed on the acquisition of a 50% operated interest in approximately 3,000 gross (1,500 net) acres in northern Nacogdoches County, Texas, approximately 5 miles southeast of the
HAYNESVILLE SHALE ACTIVITY UPDATE
The Company has completed the T. Swiley No. 5 well in the northwest portion of the Minden field in Rusk County, Texas. The well is a vertical Haynesville Shale test with an initial production rate of 1,300 Mcf per day
In North Louisiana, the company has logged the Hall No. 9-1, which is the third vertical Haynesville Shale test in the Central Pine Island area of Caddo Parish, Louisiana. The Hall No. 9-1, in which the Company owns a
The Company currently expects to drill 16-18 (12-13 vertical and 4-5 horizontal) Haynesville Shale wells in East Texas/North Louisiana by the end of 2008.
Gil Goodrich, Goodrich's Vice Chairman and Chief Executive Officer, commented, "The increase in proved reserves at mid-year further illustrates the success of our strategy to rapidly convert non-proven 2P and 3P
"Our recent acreage acquisition in Nacogdoches County further expands our footprint in the Angelina River Trend where we have experienced continued success during 2008 for both the Travis Peak and James Lime formations. Finally, our nine vertical Haynesville Shale wells drilled to date, which have been strategically spaced across our 60,500 net acres in North Louisiana and East Texas, have significantly de-risked our core Haynesville Shale acreage.
"This positions us extremely well to begin the development and exploitation of the Shale with horizontal drilling, and we are excited to begin this aggressive horizontal Haynesville development in the next few weeks."
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