HOUSTON, June 14, 2017 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE Market: GDP) announces the completion of its Wurtsbaugh 25&24 No. 1 (69% WI, 50% NRI) well in the Bethany-Longstreet field in DeSoto Parish, Louisiana. The well, which was fracked with approximately 4,000 pounds of proppant per foot, has achieved a 24-hour peak rate to date of 31,000 Mcf per day from approximately 9,000 feet of lateral.
The Company is expected to spud its next well, the Franks 25&24 No. 1 (estimated 69% WI, 50% NRI) the middle of July, with a planned lateral of approximately 10,000 feet, and plans to drill and complete two additional long lateral wells following the Franks 25&24 No. 1 later in the year.
The Company also announces that it has leased approximately 600 net acres adjacent to its existing acreage in Red River Parish, Louisiana, which combined with its existing leasehold, will allow for five 10,000 foot laterals and one additional 4,600 foot lateral. The Company will earn this acreage through the drilling and completion of wells, with no upfront cash consideration. The Company now owns rights to approximately 26,000 net acres in the Haynesville.
Current production for the Company is approximately 50,000 Mcfe per day (up from 26,000 Mcfe per day average in the first quarter) and the Company has increased its fourth quarter of 2017 guidance to an average of 55,000 – 60,000 Mcfe per day.
Certain statements in this news release regarding future expectations and plans for future activities may be regarded as "forward looking statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as financial market conditions, operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels.
Goodrich Petroleum is an independent oil and gas exploration and production company with the majority of its properties in Louisiana, Mississippi and Texas. The Company currently trades under the symbol GDP on the NYSE Market.
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SOURCE Goodrich Petroleum Corporation