Friday, August 6, 2010

LaSalle & Frio County, Texas: Eagle Ford Shale

By Andrea:

There is a positive update in the Eagle Ford Shale for Goodrich Petrolium Corp. (GDP):

Goodrich Petrolium Corp. (GDP) has entered into agreements to acquire approximately 50,000 gross (35,000 net) acres in the oil window of the Eagle Ford Shale play in LaSalle and Frio Counties, Texas. Currently, the Company estimates its acreage position in the play at approximately 37,500 net acres. The Company has drilled or participated in the drilling of the Goodrich Petroleum Company – Pan Am B 1H, formerly known as the Francis Shiner B-1 (80% WI), and the Blackbrush Oil & Gas – Pals Ranch 9H (50% WI) targeting the Buda Lime formation, which sits directly below the Eagle Ford Shale. The Pan Am B-1H, which is a horizontal Eagle Ford Shale well with a lateral length of approximately 4,700 feet, is currently in completion phase. The Pals Ranch 9H was completed without stimulation as an open-hole completion with an initial 24-hour production rate of 530 BOE (77% oil) and a 30-day average rate of 435 BOE/day. By year-end, the Company expects to have conducted drilling operations on approximately four gross wells targeting the Eagle Ford Shale and three gross wells targeting the Buda Lime formation.

The Eagle Ford Shale is a rock formation located in Southern Texas. Other companies involved in Eagle Ford Shale include Apache (APA), EOG Resources (EOG) and Petrohawk Energy (HK).

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