Goodrich Petroleum Corp. has turned in additional encouraging well results from the Tuscaloosa Marine Shale (TMS). Analysts following the TMS progress of Goodrich and others said Monday they are encouraged but still more needs to be learned.

Goodrich completed its C.H. Lewis 30-19H-1 well in Amite County, MS, in which it holds an 81.4% working interest (WI). The well has achieved a peak 24-hour average production rate to date of 1,450 boe/d (1,387 bbl of oil and 377 Mcf of natural gas) on a 16/64-inch choke from a 6,600-foot lateral, the company said. The well landed in the company’s lower target and was completed with 26 frack stages.

Wells Fargo Securities analyst Gordon Douthat wrote that the well results are “…on par with the best results in the play to date.” The latest completion provides more data on Goodrich’s revised completion techniques, which Douthat said is “a positive.”

Analysts at Tudor, Pickering, Holt & Co. (TPH) wrote that the latest well has turned out better than the Crosby 12H #1 but is slightly below the more recent Blades well (see Shale Daily, April 14). “We expect [Goodrich] and other TMS-levered equities to benefit as [initial production] rates continue to drive short-term performance,” TPH said Monday.

Goodrich has also fracked, drilled out the frack plugs and began flowback on its Nunnery 12-1H-1 (93.3% WI) well in Amite County. Results are expected in June. The Nunnery well has a 6,000-foot lateral with 22 frack stages. The company said it would begin fracking on its Beech Grove 94H-1 (66.7% WI) well in East Feliciana Parish, LA, this week, with results expected by the end of June. The Beech Grove well was drilled with a 6,000-foot lateral and has 21 planned frack stages.

TPH said it still wants to hear more about long-term decline rates in the TMS. Well costs also are critical to success in the quickly emerging Louisiana-Mississippi play. “To put into perspective, most TMS wells are tracing 600,000 boe curve with [the] best well (Crosby 12H #1) closer to 800,000 boe,” TPH said. “Crosby has produced about 175,000 boe in 15 months, putting it on track to pay out in just shy of two years at $60/bbl netback. This compares to [the] lowest-cost oil plays, which pay out in less than 180 days.”

Goodrich is now drilling the SLC Inc. 81H-1 (66.7% WI) well in West Feliciana Parish, LA; the Bates 25-24H-1 (97.6% WI) and the Denkmann 33-28H-2 (75% WI) wells in Amite County and the CMR-Foster Creek 24-13H-1 (84.7% WI) well in Wilkinson County, MS. The company is temporarily running four rigs as it is in the process of swapping out the oldest rig for a newer, more technologically advanced rig, with plans to go to as many as five rigs by the end of the year pending continued success.

The company has more than 300,000 net acres in the play. Sanchez Energy Corp., another TMS operator, recently spud its first company-operated well in the play, and analysts are anxious to see how it turns out (see Shale Daily, May 22).