Goodrich Petroleum Corp.'s latest Tuscaloosa Marine Shale (TMS) well results, announced Wednesday, were a bit of a disappointment after a string of successes in the emerging play.

The company completed its Nunnery 12-1H-1 [93.3% working interest (WI)] well in Amite County, MS, which achieved a peak 24-hour average production rate of 815 boe/d, comprised of 785 bbl of oil and 185 Mcf of gas on a 17/64-inch choke from a 6,000-foot lateral. The well, which is near the Pike County line along the northeastern boundary of the company's acreage block, landed in the lower target and was completed with 22 frack stages.

The previous news from Goodrich out of the TMS was about its C.H. Lewis 30-19H-1 well, also in Amite County. That well had a peak 24-hour average production rate 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 (see Shale Daily, June 2).

Goodrich did not provide cost information on the Nunnery well, and Wells Fargo Securities analyst Gordon Douthat said in a note Wednesday that more production history is needed to determine well economics. "While [the Nunnery] result does provide an additional confirming data point on revised methods for drilling out plugs [see Shale Daily,March 25], the rate likely disappoints Street expectations, and shares could take a breather on the news," he wrote.

Goodrich shares closed down slightly at $28.65 Wednesday, still near the top of the stock's 52-week range of $11.16-30.52.

Douthat added that a potential joint venture for Goodrich and more well results expected from it and other TMS operators in the coming months "should support shares in the medium term."

Halcon Resources Corp. recently brought in its first operated TMS well, which achieved a 24-hour average initial production rate of 1,208 boe/d and 1.1 MMcf/d of 1,551 BTU natural gas on a 19/64-inch choke (see Shale Daily, June 9).

Results from Goodrich on another well, Beech Grove 94H-1 (66.7% WI), are expected by the end of June. Other TMS wells are in the works. Goodrich is running three rigs in the TMS with plans to go to as many as five rigs by the end of the year depending upon the wells' success. The company has more than 300,000 net acres in the play.