Goodrich Petroleum says SEC investigation seeks no action

Sept 24 Mon Sep 24, 2012 7:22am EDT

Sept 24 (Reuters) - Goodrich Petroleum Corp said the Securities and Exchange Commission (SEC) completed an investigation into its disclosures on wells and reserves in the Haynesville shale field and that no action had been recommended.

The oil and gas company received a fact-finding subpoena from the New York attorney general and the SEC in July 2011 requesting information on the natural gas wells and reserves in the Haynesville region, which spans Louisiana and Texas.

New production techniques such as hydraulic fracturing, where sand, water and chemicals are blasted into wells to extract oil and gas, have sent output soaring in the last decade. Such techniques have, however, come under fire in the recent past for contaminating water bodies, leading to more regulatory oversight.

Goodrich Petroleum shares closed at $13.62 on the New York Stock Exchange on Friday.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.