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Goodrich Brings Two Haynesville Wells Online, with Third in June

Goodrich Petroleum Corp. has brought two operated wells in northwest Louisiana targeting the Haynesville Shale into production, and expects to begin fracturing operations at a third well in the Bethany-Longstreet Field in early June.

The Houston-based independent reported Tuesday the Cason-Dickson 14-23 1H well in which it has a 92% working interest (WI), achieved a 24-hour peak production rate of 31,000 Mcf/d. The well was drilled with an 8,000-foot lateral and completed in 64 stages using 4,000 pounds/foot of proppant.

A second well, Cason-Dickson 14-23 2H (86% WI), achieved a 24-hour peak production rate of 23,000 Mcf/d with a 3,000-foot lateral. It was completed in 33 stages using 5,000 pounds/foot of proppant. Both Cason-Dickson wells target the Haynesville and are in Red River Parish.

The third well, Wurtsbaugh 35 No.1 (72% WI), which targets the Bethany-Longstreet in DeSoto Parish, is to be completed in June.

Goodrich said total production is currently about 80,000 Mcfe/d.

Two weeks ago, Goodrich announced three separate agreements to sell a portion of its assets in the Tuscaloosa Marine Shale (TMS) in Louisiana for $3.3 million. It also obtained agreements to swap acreage and reduce gathering fees in the core of the Haynesville. The company expected to close on a deal to sell some of its interest in the western area of its position in the TMS in Louisiana's East and West Feliciana parishes by mid-June.

Goodrich agreed to swap part of its acreage in the Bethany-Longstreet in Caddo Parish, LA, to add 10 laterals measuring 10,000 feet each to its operated inventory. The company also agreed to amend a natural gas gathering agreement with an undisclosed midstream provider to lower fees from 53-75 cents/Mcf to 26-60 cents/Mcf. Gathering fees within the rest of its core Haynesville acreage would remain priced at 22-37 cents/Mcf.

Last December, Goodrich said it planned to devote its entire capital expenditures budget of $65-75 million to the gassy core area of the Haynesville. The company was running one rig in mid-May and plans to add a second rig in late June. Goodrich plans to drill 17 gross (eight net) wells during 2018.

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