HOUSTON, Feb. 14, 2018 /PRNewswire/ -- The Company today announced year-end reserves, an operational update and the ringing of the opening bell at the New York Stock Exchange.
The Company announced that its proved oil and natural gas reserves as of December 31, 2017 increased by 41% to 428 billion cubic feet equivalent ("Bcfe") versus 303 Bcfe at year-end 2016. PV10 for year-end 2017 proved reserves was $264.2 million. Oil and natural gas prices used to determine proved reserves were $51.34 per barrel of oil and $2.98 per MMBtu of natural gas, pursuant to Securities and Exchange Commission ("SEC") guidelines. Natural gas reserves comprised 91% of PV10.
The Company had reserve additions and positive revisions of 137.2 Bcfe from drilling and completion capital expenditures of $38.7 million, for an organic finding and development cost of $0.28 per Mcfe. When taking into account the costs incurred in 2017 associated with wells of new developed reserves from probable, proved undeveloped conversions and workovers, the developed finding and development cost was $0.87 per Mcfe.
The Company has completed its Franks 25&24-14N-16W 1H (69% WI) well in DeSoto Parish, Louisiana. The well, which has a producing lateral length of 9,745 feet, was stimulated with approximately 3,900 pounds of proppant per foot and has achieved a 24-hour peak rate to date of approximately 30,000 Mcfe per day.
The Wurtsbaugh 25&24-14N-16W 2H (55% WI) and the Wurtsbaugh 25&24-14N-16W 3H (55% WI) wells in DeSoto Parish, Louisiana have been fracked and are currently in the initial stages of flow back. The completion of the wells was delayed versus previous expectations due to issues outside of the Company's control. The Wurtsbaugh 2H has a producing lateral length of 7,423 feet and was stimulated with approximately 3,500 pounds of proppant per foot and the Wurtsbaugh 3H has a producing lateral length of 7,489 feet and was stimulated with approximately 3,700 pounds of proppant per foot. Results from both wells are expected to be included in the Company's year-end financials press release on March 1, 2018.
The Company has drilled its Cason-Dickson 14&23 No. 2 (92% WI) well and is currently drilling the lateral on its Cason-Dickson 14&23 No. 1 (92% WI) well in Red River Parish, Louisiana. Both wells, which are planned for approximately 10,000 feet of lateral, are scheduled to be fracked in March.
NYSE OPENING BELL
The Company will be ringing the opening bell at the New York Stock Exchange on Thursday, February 15, 2018.
Initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels. In particular, production from horizontal drilling in shale oil and natural gas resource plays and tight natural gas plays that are stimulated with extensive pressure fracturing are typically characterized by significant early declines in production rates.
Unless otherwise stated, oil production volumes include condensate.
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, changes in commodities prices and costs of drilling and completion, 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 for the year ended December 31, 2016 and other subsequent 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.
Goodrich Petroleum is an independent oil and natural gas exploration and production company listed on the NYSE American under the symbol "GDP".
SOURCE Goodrich Petroleum Corporation