Goodrich Petroleum has announced its preliminary capital expenditure budget for 2010, a significant acreage acquisition in the Angelina River Trend, and an operational update on its Haynesville Shale and horizontal Cotton Valley Taylor sand activities.
2010 Capital Expenditure Budget
The Company today announced a preliminary capital expenditure budget for 2010 of $230 million, flat with the Company's revised 2009 budget. The Company anticipates drilling 46 gross (24 net) horizontal wells for the year, with approximately two-thirds of the budget being spent on its core Haynesville Shale assets in Caddo and DeSoto Parishes, Louisiana. The preliminary budget includes approximately $190 million in drilling and completion expenditures and $40 million allocated to leasehold and infrastructure. The Company estimates production volumes will grow by 15 - 25% in 2010 versus 2009.
Angelina River Trend Acreage Acquisition
The Company announced it has entered into an agreement to acquire approximately 12,000 net acres in Nacogdoches and Angelina Counties, Texas which it believes to be prospective for the Haynesville Shale. With the additional acreage, the Company now has approximately 85,000 net acres prospective for the Haynesville across its entire acreage position. On the basis of recent drilling results in the area and offset well data, the Company now feels it has approximately 22,000 net acres prospective for the Haynesville in the Angelina River Trend area. The Company plans to drill its first Haynesville well on its Angelina River Trend acreage in the first half of 2010.
Haynesville Shale Activities
Bethany-Longstreet Field, Caddo and DeSoto Parishes, Louisiana
The Company has completed an operated well in the Bethany-Longstreet field of Caddo and DeSoto Parishes, Louisiana, the Goodrich Petroleum Company - Garland 25 H-1 (33% WI), at a 24-hour peak initial production rate of 20,200 Mcf per day with 7,700 psi on a 24/64 inch choke. The Company has also participated in the completion of the Chesapeake Energy Company - Sentell 35 H-1 (27% WI), with a 24-hour peak initial production rate of 13,900 Mcf per day with 6,800 psi on a 22/64 inch choke.
Cotton Valley Taylor Sand Horizontal Activities
The Company has completed its AB Taylor 3H (100% WI) well, a horizontal Cotton Valley Taylor sand well in the Beckville/Minden area of Rusk and Panola Counties, Texas. The well is still early in its flowback, with a 24-hour peak initial production rate to date of 7,000 Mcf per day. The Company has approximately 40,000 net acres in the Beckville/Minden area of Panola and Rusk Counties, Texas and approximately 8,600 net acres in the South Henderson field of Rusk County, Texas, where the Cotton Valley Taylor sand is prospective.
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