2011-06-21-2011-06-13-2011-06-13

To buy leases covering about 74,000 acres in the Tuscaloosa Marine shale in LA & MS.

Goodrich Petroleum Corp., Houston, (NYSE: GPD) has purchased leases covering about 74,000 acres in the Tuscaloosa Marine shale in Louisiana and Mississippi. The company paid about $13 million, or an average of $175 per acre.

Goodrich expects development to begin in the first quarter of 2012.

The Tuscaloosa Marine shale is an emerging oil play that has age-equivalent rock to Eagle Ford but runs deeper at more than 10,000 feet. Goodrich's acreage was acquired at an attractive price, according to the June 13 Simmons Early Energy Note.