Goodrich Petroleum Restores Additional Hurricane Impacted Production
Goodrich Petroleum says that it has restored approximately two-thirds (66%) of its production from several of its South Louisiana fields, including the Burrwood/West Delta 83 fields, which had been shut in due to Hurricanes Katrina and Rita.
As previously reported, the majority of the Company's production in South Louisiana, and all of its production in the Burrwood/West Delta 83 and Lafitte fields, was shut-in on approximately August 24, 2005 in advance of Hurricane Katrina, and subsequently shut in on September 21st for Hurricane Rita, along with several smaller non-core fields. Also as previously reported, the Company was able to restore some crude oil production (approximately 1,000 gross barrels per day) at the Burrwood/West Delta 83 fields during September. Since the passing of Hurricane Rita, the Company has restored additional production volumes, including initiating gas sales at Burrwood/West Delta 83, where production is currently estimated to be approximately 18,500 (gross) Mcfe per day or approximately 65% of "Pre-Katrina" production volumes. In the Lafitte field, current production has been restored to its "Pre-Katrina" levels. The Company's remaining South Louisiana production has been restored to approximately 60% of pre-storm levels, although the Company's Second Bayou field, which accounted for approximately 3% of net second quarter production, remains shut in.
In measuring the impact of both Hurricane Katrina and Rita on net
production volumes for the third quarter, the Company estimates that
approximately 550,000 Mcfe of cumulative net production was shut in, or approximately 6,000 (net) Mcfe per day. During the third quarter, the Company estimates it produced net volumes of approximately 1.58 Bcf of natural gas and 98,000 barrels of crude oil or approximately 2.16 Bcfe and an average of 23,500 Mcfe per day, which represents an approximate 10% increase over second quarter production. Subsequent to the end of the third quarter, the Company successfully restored the above mentioned gross production volumes which are estimated to equate to approximately two-thirds (66.6%) of the "Pre-Storms"
net daily volumes. The Company continues to work to restore additional
volumes in the Burrwood/West Delta 83 fields, as well as Second Bayou and other non-core fields, and expects remaining production will be restored over the next several weeks.
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