Goodrich Petroleum Corp. Tuesday turned in results for its latest Tuscaloosa Marine Shale (TMS) well, and they show improvement from some other wells recently drilled in the play.
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Goodrich Petroleum Corp. and its peers have had some recent disappointments in the emerging Tuscaloosa Marine Shale (TMS) of Louisiana and Mississippi. Goodrich shares are off about 35% since mid-June, but CEO Gil Goodrich remains a TMS believer and said the industry’s understanding of the play is advancing rapidly, if a bit unevenly.
Less than two months after Goodrich Petroleum Corp. said it encountered a problem during hydraulic fracturing (fracking) operations at a well in the Tuscaloosa Marine Shale (TMS) in Mississippi, the company on Thursday reported that the well reached a peak rate from a shortened lateral of 530 Boe/d, composed of 501 bbl of oil and 174 Mcf of gas.
Dallas-based Gulf Coast Western LLC has secured 3,500 acres in Wilson County, TX, where it intends to target the “revitalized” Buda Limestone Formation with 10 horizontal wells initially. The naturally fractured Buda is just below the Eagle Ford Shale and is seen as a lower-cost oil opportunity than the Eagle Ford.
Arroyo Midstream Partners LLC, a unit ofCanyon Midstream Partners LLC, andGoodrich Petroleum Co. LLChave struck an agreement for acreage in Louisiana and Mississippi that is prospective for the Tuscaloosa Marine Shale (TMS). Arroyo is currently providing Goodrich with wellhead gas processing services at two recently completed wells in southwestern Mississippi and expects to add gas processing facilities to process gas volumes from an additional two wells by the end of 2013. Goodrich recently said it is stepping up its activity in the TMS (seeShale Daily,Aug. 8). The wellhead processing approach allows Canyon, through Arroyo, to participate in the delineation phase of exploration and production projects and share formation risk with its partner. Arroyo is a joint venture of Canyon andGas Processors Inc.”The partnership of Canyon and GPI is a unique combination of engineering, operational and local expertise to provide producers with the midstream services required for the development of acreage in the TMS,” said Canyon President Michael Walsh.
Goodrich Petroleum Corp. announced the completion of an Encana Corp.-operated well in the Tuscaloosa Marine Shale (TMS) in which it holds a minority interest. Initial production was lower than other recent wells in the play but still apparently economic and boding good things to come from the TMS, one analyst said Tuesday.
One day after Tuscaloosa Marine Shale (TMS) pioneer Goodrich Petroleum Corp. said it would redirect capital from the Eagle Ford Shale to the emerging play, Eagle Ford-focused Sanchez Energy Corp. Thursday announced deals worth $78 million that give it entry into the TMS.
Now that it has seen some encouraging well results, Goodrich Petroleum Inc. is stepping up activity in the Tuscaloosa Marine Shale (TMS) of Louisiana and Mississippi, where the company is about to close on an acquisition that will more than double its footprint in the emerging play.
Houston-based Memorial Production Partners LP (MEMP) has agreed to acquire oil and gas properties in the Permian Basin, East Texas and the Rockies from its sponsor, Memorial Resource Development LLC, and affiliates of Natural Gas Partners for $606 million. The deal is MEMP’s largest acquisition to date and gets the partnership’s foot in the door in the Permian and Rockies.