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Goodrich TMS Well Makes Weak Showing

The latest Tuscaloosa Marine Shale (TMS) well production results from Goodrich Petroleum Inc. continued a downward trend that began last month as the company's Beech Grove 94H-1 turned in a disappointing number.

The Beech Grove 94H-1 well -- 66.7% working interest (WI) -- in East Feliciana Parish, LA, achieved a peak 24-hour production rate to date of 740 boe/d (672 bbl of oil and 412 Mcf of gas) on a 19/64-inch choke. That's off from last month's Nunnery 12-1H-1 results (815 boe/d) (see Shale DailyJune 19) and way off from the C.H. Lewis 30-19H-1 (1,450 boe/d) (see Shale DailyJune 2).

The Beech Grove well was drilled with an approximate 6,000-foot lateral, landed in the company's lower target and was completed with 21 frack stages.

Goodrich shares closed down more than 9% at $22.92 after heavy trading.

Goodrich has begun completion of its SLC Inc. 81H-1 (66.7% WI) well in West Feliciana Parish and its Denkmann 33-28H-2 (75% WI) and Bates 25-24H-1 (97.6% WI) wells in Amite County, MS. Drilling operations continue on its CMR-Foster Creek 24-13H-1 (84.7% WI) well in Wilkinson County, MS. Goodrich said it plans to spud its Spears 31-6H #1 (73.9% WI) well in Amite County and its CMR-Foster Creek 31-22H #1 (89.5% WI) well in Wilkinson County in the coming days.

The company, which has 300,000 net acres in the TMS, is running three rigs in the play with plans to possibly go to as many as five rigs by the end of the year.

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