LaSalle & Frio County, Texas: Eagle Ford Shale

By Andrea: http://oilshalegas.com

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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Haynesville Shale: Caddo Parish, Louisiana Goodrich Petroleum GDP Well

Goodrich Petroleum ( GDP ) has announced a completion of a new Haynesville Shale well in Caddo Parish Louisiana. 14.5 MMcf's!

GDP has completed its initial horizontal Haynesville Shale well, the Chesapeake Energy Corporation-operated Holland 17H-1, which tested at a rate of approximately 14.5 MMcf per day on a 24/64 inch choke with 6,000 psi. The well, which was drilled to 16,200 feet, had a horizontal displacement of approximately 4,400 feet (3,800 feet cased), and is located in the Company's Bethany-Longstreet area in Caddo Parish, Louisiana. Goodrich owns a 50% working interest in the well, Chesapeake owns 40% and Plains Exploration & Production Company owns 10%.

ANGELINA RIVER TREND
The Company has completed its Estes 2H (100% WI), a James Lime horizontal well on its Cotton South prospect area, which tested at 7.0 MMcf per day on a 35/64 inch choke with 1,500 psi.

http://phoenix.corporate-ir.net/phoenix.zhtml?c=83169&p=irol-newsArticle&ID=1240683&highlight

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Haynesville Shale - GDP Goodrich Petroleum Update

Goodrich Petroleum ( GDP ) has come out and given shareholders an update of their Haynesville Shale operations:

HAYNESVILLE SHALE ACTIVITY UPDATE

The Company has completed the T. Swiley No. 5 well in the northwest portion of the Minden field in Rusk County, Texas. The well is a vertical Haynesville Shale test with an initial production rate of 1,300 Mcf per day from approximately 150' of net Haynesville Shale pay. The well is the fourth vertical well the Company has drilled and tested in the Haynesville Shale formation in the Minden and Beckville fields in East Texas, where the Company maintains a 100% working interest in approximately 39,000 net acres. The Company's initial horizontal Haynesville Shale test in East Texas is planned for the fourth quarter of 2008.

In North Louisiana, the company has logged the Hall No. 9-1, which is the third vertical Haynesville Shale test in the Central Pine Island area of Caddo Parish, Louisiana. The Hall No. 9-1, in which the Company owns a 50% interest, logged approximately 315' of pay in the Haynesville Shale with excellent gas shows. Also in North Louisiana, in the Company's joint venture with Chesapeake Energy, the initial horizontal Haynesville Shale test in the Bethany-Longstreet field is planned to spud this week in northern DeSoto Parish, as well as an additional vertical Haynesville Shale test in the Longwood field in Caddo Parish. A second rig is planned to be added to the Chesapeake joint venture in October.

The Company currently expects to drill 16-18 (12-13 vertical and 4-5 horizontal) Haynesville Shale wells in East Texas/North Louisiana by the end of 2008.

Gil Goodrich, Goodrich's Vice Chairman and Chief Executive Officer commented, "The increase in proved reserves at mid-year further illustrates the success of our strategy to rapidly convert non-proven 2P and 3P reserves into the proven classification and increase proven net asset values. We are very pleased with our drilling results in the first half of this year adding approximately 75.5 Bcfe, including the 11.4 Bcfe of production replaced during the first six months of the year, on drilling and development capital expenditures of approximately $165 million. Our recent acreage acquisition in Nacogdoches County further expands our footprint in the Angelina River Trend where we have experienced continued success during 2008 for both the Travis Peak and James Lime formations. Finally, our nine vertical Haynesville Shale wells drilled to date, which have been strategically spaced across our 60,500 net acres in North Louisiana and East Texas, have significantly de-risked our core Haynesville Shale acreage. This positions us extremely well to begin the development and exploitation of the Shale with horizontal drilling, and we are excited to begin this aggressive horizontal Haynesville development in the next few weeks."

http://phoenix.corporate-ir.net/phoenix.zhtml?c=83169&p=irol-newsArticle&ID=1194582&highlight=

Haynesville Shale Stocks Reversing HK, CHK, GDP, XTO

Last week their was a huge build in natural gas inventories.....up 16-20% then expected.

All of the Natural Gas stocks got hammered off of this news. Today they opened up weaker but now have reversed and seem to be wanting to break out.

Watch these Haynes Shale Stocks

PetroHawk Energy HK - Capitulated in the $36 area last week.....now reversing above $39 this morning.

Goodrich Petroleum GDP - Still continues to go down.....from $75 down to $57 in a week. GDP is bouncing off the lows this morning and is currently trading at $58.50

XTO Energy XTO - This stock has gotten hammered for being one of the bigger natural gas stocks. After hitting $53 Thursday....XTO has reversed back to $56. XTO is involved in alot of shales including the Bakken Shale of North Dakota, Marcellus Shale in Pennsylvania, and the Barnett Shale in Texas

Chesapeake Energy CHK - Chesapeake Energy has been smashed all the way down to $52 on Thursday....even after this company Announced that they will be selling their Woodford Shale acres for Beyond Petroleum ( BP ). CHK has been bouncing this morning above $55.

If you have been waiting for a dip in these stocks for awhile now.....here is your chance to invest in specifically the Haynesville Shale or many other shale plays by buying XTO or CHK