Goodrich Petroleum’s Eagle Ford Capital Budget Increases for 2014

6 Net Wells to be Drilled in the Eagle Ford in 2014
Goodrich Petroleum Eagle Ford Acreage

Goodrich Petroleum Eagle Ford Acreage | Click to Enlarge

Goodrich Petroleum Corporation plans to spend more in the Eagle Ford Shale in 2014 than previous estimates indicated. The company’s total capital budget remains $375 million for the year; however, the capital budget allotted for the Eagle Ford Shale has been bumped up to $40-million. In October 2013, Goodrich’s capital spending in the Eagle Ford was set closer to $30-million.

Goodrich Petroleum plans to drill 9 gross (6 net) wells in the Eagle Ford this year.

Read more: Goodrich Increases 2014 Budget by 50% & Is Shifting to the Tuscaloosa Marine Shale

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Forest Oil Eagle Ford Drilling Shifting Gears in 2014 Due to Faulting

Forest Oil 30 Day Drilling Averages Down ~25% in Fourth-Quarter of 2013
Forest Oil Eagle Ford Acreage Map Year-end 2013

Forest Oil Eagle Ford Acreage Map Year-End 2013 | Click to Enlarge

Forest Oil is shifting gears in the Eagle Ford, after three gross (1.5 net) wells hit a fault line in the company’s southern acreage during the fourth-quarter.

In 2013, Forest reported results on 44 gross (22 net) wells, with a 30-day average gross production rate of 408 boe/d. By contrast, 17 gross (8.5 net) wells drilled during the fourth-quarter had a 30-day average gross production of 304 boe/d. That’s about ~25% less for the fourth-quarter, compared to the full year. Both gross production rates included the results from three gross (1.5 net) wells impacted by faulting.

The company had plans for 2014 to more than double its oil production in the Eagle Ford; however, due to faulting’s negative impact on production in the fourth-quarter, the company is pulling back the reins.

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Matador Eagle Ford Capital Budget to be $318 Million in 2014

Plans to Bring 40 Net Wells to Sales in 2014
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Matador estimates approximately $318 million or 72% of its $440 million 2014 capital budget will be directed to the Eagle Ford Shale in South Texas.

Development of the company assets in the formation is expected to be the primary focus this year.

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