Goodrich Petroleum's Eagle Ford assets will be the beneficiary of $155 million in capital spend on 29 gross (19 net) wells in 2012. The company's assets are centered in Frio and La Salle counties.
Oil directed activity will be concentrated in the Eagle Ford Shale trend with $155 million allocated to 29 gross (19 net) wells (which assumes a combination of 6,000 to 9,000 foot laterals), and the Tuscaloosa Marine Shale trend, with $20 – $45 million allocated to 4 gross (2 net) to 6 gross (4 net) wells.
The Company estimates oil volumes to grow by 130 – 160% in 2012 versus 2011, which will drive very strong cash flow growth. Natural gas volumes are expected to be flat to slightly down, while overall production on a Mcfe basis is expected to increase by 10 – 15% over 2011. Oil volumes are estimated to grow to approximately 5,000 barrels per day as the Company exits 2012.
Read the entire press release at goodrichpetroleum.com