Goodrich Petroleum to Spud Well in Tuscaloosa Marine Shale

Goodrich Petroleum Corporation (GDP) Wednesday announced the completion of its Crosby 12H-1 (50 percent working interest) well in Wilkinson County, Mississippi. The well is continuing to improve with a current production rate of 1,250 barrels of oil equivalent per day (boepd) and a 24 hour average rate of 1,130 boepd comprised of 1,050 barrels of oil and 469 million cubic feet (Mcf) of gas, on a 15/64" choke with 2,700 psi. The well, which has approximately 6,700 feet of usable lateral and was fracked with 25 stages, is in the early stage of flowback, with approximately 1 percent of the frac fluid recovered to date.

The Company is also participating in the Anderson 17H-2 well, which is currently drilling, with a 7 percent non-operated working interest. The Company plans to spud its next operated Tuscaloosa Marine Shale well, the Smith 5-29H-1, during the second quarter. The Ash 31H-1 and Ash 31H-2 wells, in which the Company has a 12 percent non-operated working interest, are currently expected to be completed in February.

The Company currently has approximately 135,000 net acres in the play, and now expects to spend the higher end of its previously announced 2013 capital expenditure budget in the TMS of approximately $50 million.

Encana and Contango Oil & Gas Company each own a 25 percent working interest in the Crosby 12H-1 well.

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