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Goodrich Petroleum Announces Haynesville Shale Well Results

July 15, 2009

HOUSTON, July 15 /PRNewswire-FirstCall/ — Goodrich Petroleum Corporation (NYSE: GDP) today announced results on four additional Haynesville Shale wells.

The Company has completed its third East Texas horizontal Haynesville Shale well, its Taylor Sealey No. 3H in Panola County, Texas. The well produced into sales at a 24 hour initial production rate of 9.3 MMcf per day on a 24/64 inch choke with 5,200 psi. The Company is operator and owns a 100% working interest in the well. The well is located in the Minden field, approximately six miles south of its recently announced Lutheran Church 5H well, which had an initial production rate of 9.0 MMcf per day. The Company has reached total depth on two additional horizontal Haynesville Shale wells in East Texas, its T. Swiley No. 4H in the Minden field and Beard Taylor No. 1H in the Beckville field.

The Company has also completed three additional Chesapeake Energy operated wells in the Bethany-Longstreet field in Caddo and DeSoto Parishes, Louisiana. The Johnson 32H-1 (31% WI) had a 24 hour initial production rate of 12.5 MMcf per day on an 18/64 inch choke with 7,800 psi. The Wallace 36H-1 (22% WI) had a 24 hour initial production rate of 15.4 MMcf per day on a 22/64 inch choke with 6,100 psi, and the Bryan 25H-1 (13% WI) had a 24 hour initial production rate of 14.0 MMcf per day on a 22/64 inch choke with 4,000 psi.

OTHER INFORMATION

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, 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. Initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels.

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


Source: newswire



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