Goodrich Petroleum Corp. made several important announcements regarding the company’s oil and gas activities, including well results, reserve data and the sale of certain properties in the United States.
Goodrich Petroleum Corporation reported that the company has completed the Lancaster C-1H well, located in Frio County, Texas. The Lancaster C-1H well targeted the Buda Lime formation and is currently producing 512 barrels of oil equivalent per day, composed of 212 barrel of oil and 1.8 million cubic feet of natural gas. Goodrich Petroleum has a 67% working interest in this well.
Goodrich Petroleum Corporation reported that the company had proved reserves of 451 billion cubic feet equivalent as of 6/30/2010. This represented growth of seven percent from the end of 2009.
Goodrich Petroleum Corporation said that 99% of its proved reserves are natural gas, and 46% were proved developed. The company said that proved reserves were calculated using regulations from the Securities and Exchange Commission (SEC), and used prices of $4.10 per thousand BTU for natural gas and $75.76 per barrel of oil.
Goodrich Petroleum Corporation reported the sale of some of its producing oil and gas properties in Texas and Louisiana. The company received $70 million for the assets, and also kept the drilling rights to deeper formations on the properties.
For more information on the company, go to www.goodrichpetroleum.com
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