Profile: Goodrich Petroleum Corp (GDPAN.PK)
Goodrich Petroleum Corporation is an independent oil and natural gas company engaged in the exploration, development and production of oil and natural gas on properties primarily in Northwest Louisiana, East Texas and South Texas. It includes the Haynesville Shale and Cotton Valley Taylor Sand in Northwest Louisiana and East Texas, the Eagle Ford Shale and Buda Lime formations in South Texas and the Tuscaloosa Marine Shale in Southeast Louisiana and Southwest Mississippi. The Company owns interests in 401 producing oil and natural gas wells located in 29 fields in five states. As of December 31, 2011, the Company had reserves of approximately 463.5 billion cubic feet of natural gas, 0.5 million barrels of natural gas liquids (NGLs) and 5.8 million barrels of oil and condensate. On September 28, 2012, the Company sold certain non-core properties in the South Henderson field in East Texas to Memorial Resource Development, L.L.C. (MRD). In October 2012, Memorial Production Partners LP acquired oil and natural gas properties in East Texas from the Company.
As of 2011, the Company maintained ownership interests in acreage or wells in the additional fields of the Midway field in San Patricio County, Texas, and the Garfield Unit in Kalkaska County, Michigan. During 2011, the Company added approximately 48 billions of cubic feet equivalent related to the Haynesville Shale Trend and Cotton Valley Taylor Sand Trend, 37 billions of cubic feet equivalent related to the Eagle Ford Shale Trend and 21 billions of cubic feet equivalent in other areas.
Eagle Ford Shale Trend
The Company held approximately 54,700 gross (38,700 net) acres as of 2011, all of which are either producing from or prospective for the Eagle Ford Shale Trend. During 2011, the Company conducted drilling operations on approximately 20 gross (14 net) Eagle Ford Shale Trend wells.
Tuscaloosa Marine Shale Trend
The Company acquired approximately 80,200 net acres in the Tuscaloosa Marine Shale Trend in Southeastern Louisiana and Southwestern Mississippi as of 2011. It is an emerging oil shale play in East Feliciana, West Feliciana, St Helena and Washington Parishes in Southeastern Louisiana and Wilkinson, Pike and Amite counties in Southwestern Mississippi.
Haynesville Shale Trend
The Company’s core Haynesville shale drilling program is primarily concentrated in the Bethany-Longstreet and Greenwood-Waskom fields in Caddo and DeSoto Parishes in northwest Louisiana. The Company’s core Haynesville Shale drilling activity includes both operated and non-operated drilling in and around its core acreage positions in northwest Louisiana. As of 2011, the Company held approximately 31,500 gross (15,600 net) acres. As of 2011, the Company held approximately 42,000 gross (29,800 net) acres in the Shelby Trough / Angelina River Trend area.
Cotton Valley Taylor Sand
During 2011, the Company drilled four horizontal Cotton Valley Taylor Sand wells. The wells were drilled throughout its acreage position in the Minden, Beckville and South Henderson fields of East Texas.
Goodrich Petroleum Corp
Suite 700, 801 Louisiana
HOUSTON TX 77002