Goodrich Petroleum Corp. (GDP) announced its preliminary capital expenditure budget for 2010, a significant acreage acquisition in the Angelina River Trend, and an operational update on its Haynesville Shale and horizontal Cotton Valley Taylor sand activities.
The company announced a preliminary capital expenditure budget for 2010 of $230 million, flat with the Company's revised 2009 budget. The Company anticipates drilling 46 gross horizontal wells for the year, with about two-thirds of the budget being spent on its core Haynesville Shale assets in Caddo and DeSoto Parishes, Louisiana. The preliminary budget includes approximately $190 million in drilling and completion expenditures and $40 million allocated to leasehold and infrastructure. The Company estimates production volumes will grow by 15 - 25% in 2010 versus 2009.
The company said that it has entered into an agreement to acquire approximately 12,000 net acres in Nacogdoches and Angelina Counties, Texas which it believes to be prospective for the Haynesville Shale. With the additional acreage, the Company now has about 85,000 net acres prospective for the Haynesville across its entire acreage position. The Company now feels it has approximately 22,000 net acres prospective for the Haynesville in the Angelina River Trend area.
The Company plans to drill its first Haynesville well on its Angelina River Trend acreage in the first half of 2010.
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