HOUSTON, June 2, 2014 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) today announced the completion of its C.H. Lewis 30-19H-1 (81.4% WI) well in Amite County, Mississippi. The well has achieved a peak 24-hour average production rate to date of 1,450 barrels of oil equivalent ("BOE") per day, comprised of 1,387 barrels of oil and 377 Mcf of gas on a 16/64 inch choke from an approximate 6,600 foot lateral. The well landed in the Company's lower target and was completed with 26 frac stages.
The Company has fracked, drilled out the frac plugs and commenced flowback on its Nunnery 12-1H-1 (93.3% WI) well in Amite County Mississippi, with results expected in June. The Nunnery well is an approximate 6,000 foot lateral with 22 frac stages. In addition, the Company will commence fracking operations on its Beech Grove 94H-1 (66.7% WI) well in East Feliciana Parish, Louisiana this week, with results expected by the end of June. The Beech Grove well was drilled with an approximate 6,000 foot lateral and has 21 planned frac stages.
The Company is currently drilling the SLC, Inc. 81H-1 (66.7% WI) well in West Feliciana Parish, Louisiana, the Bates 25-24H-1 (97.6% WI) and the Denkmann 33-28H-2 (75% WI) wells in Amite County, Mississippi and the CMR-Foster Creek 24-13H-1 (84.7% WI) well in Wilkinson County, Mississippi. The Company is temporarily running four rigs as it is in the process of swapping out the oldest rig for a newer, more technologically advanced rig, with plans to go to as many as five rigs by the end of the year pending continued success.
The Company has in excess of 300,000 net acres in the play.
A copy of the latest corporate presentation is available on the Company's website at www.goodrichpetroleum.com.
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 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. In particular, production from horizontal drilling in shale oil and gas resource plays and tight oil and gas plays that are stimulated with extensive pressure fracturing are typically characterized by significant early declines in production rates.
Goodrich Petroleum is an independent oil and gas exploration and production company listed on the New York Stock Exchange.
SOURCE Goodrich Petroleum Corporation