Goodrich to buy shale assets

Independent oil and gas explorer Goodrich Petroleum Corp said it will buy 35,000 net acres in the Eagle Ford shale and 4,200 net acres in the Haynesville shale in Texas.

The Eagle Ford deal involves about $15 million in upfront cash payment while the Haynesville deal has no upfront cash consideration.

Goodrich expects to spud its initial Eagle Ford shale well in the second quarter and run one or two rigs in the play during the second half.

The acquisition boosts the company’s Haynesville shale inventory to about 89,500 net acres.
Goodrich maintained its 2010 capital expenditure budget of $255 million, but said it reallocated about $50 million, or about 20 percent of the amount, to leasehold, drilling and completion costs associated with the Eagle Ford Shale oil play.

Source: Reuters

http://www.reuters.com/article/idUSTRE63B22520100412

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Posted by admin on April 12th, 2010. Filed under Eagle Ford Shale, Haynesville Shale, Shale Basins. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry