|By PR Newswire||
|December 26, 2013 06:00 AM EST||
HOUSTON, Dec. 26, 2013 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) today announced that its Huff 18-7H-1 (97% WI) well in Amite County, Mississippi was successfully fracture stimulated with 17 stages and had commenced flowback at expected fluid rates when the well became plugged up with frac-related debris at a frac plug approximately 500 feet into the lateral, which will need to be cleaned out prior to resuming flowback. Therefore, completion results are expected to be released after the first of the year as soon as flowback has resumed and peak rate achieved.
The Company is near total depth on its Weyerhaeuser 51-1H-1 (67% WI) well in St. Helena Parish, Louisiana, which is expected to be completed in January, and is currently running intermediate casing in preparation of drilling the lateral on its CMR 8-5H-1 (100% WI) well in Amite County, Mississippi.
The Company has in excess of 300,000 net acres in the play with two rigs currently running. A third rig is set to commence drilling operations in the first quarter of 2014, and the Company anticipates up to five rigs running by year-end 2014 pending continued drilling results.
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.
Goodrich Petroleum is an independent oil and gas exploration and production company listed on the New York Stock Exchange. The majority of its properties are in Louisiana and Texas.
SOURCE Goodrich Petroleum Corporation