Goodrich Petroleum Adds to Exisiting Hedge Position
Goodrich Petroleum has recently added to its existing hedge position by executing zero cost collars on 30,000 Mmbtu per day for the period including all of calendar years 2010, 2011, and 2012.
The transactions increase the Company's total 2010 hedged volumes to 50,000 Mmbtu per day at a floor price of $6.00 per Mmbtu and an average ceiling price of $7.10 per Mmbtu, and its 2011 and 2012 hedged volumes to 40,000 Mmbtu per day at a floor price of $6.00 per Mmbtu and an average ceiling price of $7.09 per Mmbtu. Additionally, the Company has previously hedged a portion of its East Texas basis exposure at $0.37 per Mmbtu on 50,000 Mmbtu per day for calendar year 2010.
The Company also announced that the realized gains on its commodity derivative portfolio for the fourth quarter of 2009 totaled approximately $22.3 million.
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