Goodrich Petroleum Corp. (NYSE: GDP) completed its CMR-Foster Creek 20-7H-1 (99% WI) well in Wilkinson County, Miss.
The well was successfully drilled with a 6,200 foot lateral and fracture stimulated with 23 stages but encountered completion issues while drilling out the frac plugs with coiled tubing resulting in the loss of a bottom hole assembly and fishing tools in the well. The company replaced the coiled tubing unit with a workover rig in an attempt to remove the downhole tools but fishing operations were un-successful. The well was subsequently placed on production from the 2,100 feet of usable and unobstructed lateral.
The well has reached a 24-hour peak production rate of 527 barrels of oil equivalent (BOE) per day, comprised of 500 barrels of oil and 174 Mcf of gas on a 16/64 inch choke from the 2,100 feet of lateral.
The company is currently drilling the lateral of the Huff 18-7H-1 (97% WI) well in Amite County, Miss., with plans to go to two rigs later this month.
The company currently has in excess of 300,000 net acres in the Tuscaloosa Marine Shale (TMS).
Initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels. In particular, production from horizontal drilling in shale gas resource plays and tight gas plays that are stimulated with extensive pressure fracturing are typically characterized by significant early declines in production rates.
Goodrich Petroleum Corp. is an independent energy company engaged in the exploration, development, and production of oil and natural gas. The company is based in Houston.