Goodrich Petroleum Adds Rig to its Cotton Valley Development Program
Goodrich Petroleum provided an operational update on its Cotton Valley drilling and production activities in East Texas and Northwest Louisiana, as well as an update on its acreage position, and announced the addition of a sixth rig under long-term contract dedicated to Cotton Valley development drilling.
The Company announced it has drilled 27 wells in the Trend to date, with a 100% success rate. The Company has drilled 10 wells in the N. Minden area, 11 wells in the Dirgin-Beckville area, 4 wells in the Bethany- Longstreet area and 2 wells in the S. Henderson area. Of the 27 wells drilled to date, 23 are currently online and producing and 4 are in various stages of completion and anticipated to be online within 30 days.
The Company also announced that it has entered into a long term contract on a sixth rig for the Trend, which is expected to commence drilling operations around July 1, 2005.
he average initial production rate per well for the 23 wells completed and producing to date has increased as new wells have been added to production, with the current average rate at approximately 1,600 Mcfe per day. Initial rates and production performance have generally improved over time as the Company has continued to gain experience, data and knowledge from the wells drilled on its acreage. The average initial production rate from the most recent 16 wells is approximately 1,900 Mcfe per day. The Company initiated production from its first Cotton Valley well in June 2004 and since that time has successfully increased gross natural gas production volumes from its wells drilled and completed in the Trend to in excess of 15,000 Mcfe per day as of June 1, 2005.
ACREAGE. The Company announced it has continued to add to its acreage
position in the Cotton Valley Trend. The Company's current total gross
acreage position is approximately 50,000 acres, with an average net working
interest of approximately 90%.
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