Goodrich Petroleum's scripts second success in Louisiana field

April 14 Mon Apr 14, 2014 3:14pm EDT

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April 14 (Reuters) - Goodrich Petroleum Corp drilled its second successful well in the Tuscaloosa Marine shale prospect in Louisiana, bolstering confidence in the fast-growing field and sending the company's shares up as much as 39 percent.

The positive results also lifted shares of other Tuscaloosa Marine operators, such as Halcon Resources Corp, Comstock Resources Inc and Sanchez Energy Corp.

Goodrich said the well achieved a peak average production rate of 1,270 barrels of oil equivalent per day, comprising 1,250 barrels of oil and 115 million cubic feet of gas.

Goodrich drilled the well on acreage it acquired from Devon Energy Corp last July. The company is drilling three more wells in the field.

"The well delivered an impressive test rate relative to other wells drilled in the play and should help to bolster confidence in the eastern portion of the most recently acquired acreage and the greater Tuscaloosa Marine," Johnson Rice & Co analyst Ronald Mills wrote in a note.

However, Jefferies analyst Subash Chandra said consistent results were needed to sustain confidence in the field.

The Tuscaloosa Marine field holds about 7 billion barrels of oil, according to estimates by the Louisiana Department of Natural Resources.

Goodrich has more than 300,000 net acres in the field and is currently running three rigs, with plans to ramp up to five by the end of the year.

The company also operates in the Haynesville shale field in East Texas and the Eagle Ford shale field in South Texas.

Goodrich shares rose 28 percent at $23.63 in afternoon trading on the New York Stock Exchange. Shares of Halcon Resources and Comstock were up about 7 percent, while those of Sanchez Energy rose 4 percent. (Reporting by Swetha Gopinath in Bangalore; Editing by Simon Jennings)

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