Goodrich Acquires Dirgin-Beckville Interest in Cotton Valley
Goodrich Petroleum Corporation has entered into a definitive agreement to purchase from a private company a 14.5% working interest in 22 wells and approximately 3,300 gross (500 net) acres within its Dirgin-Beckville field in the Cotton Valley trend for $6,120,000. The purchase has an effective date of November 1, 2006 and is expected to close before the end of the year. Goodrich owns the remaining 85.5% working interest in the 22 wells and acreage.
The company's current internal estimate of reserves net to the interest, based on 40 acre spacing for vertical wells only, is approximately 5.7 Bcfe of proved (61% undeveloped) and another 5.0 Bcfe of probable reserves. Net production volumes associated with the interest are estimated to be approximately 750 Mcfe per day.
Goodrich Petroleum is an independent exploration and production company listed on the New York Stock Exchange. The majority of its oil and gas properties are in Louisiana and Texas.
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