Goodrich Petroleum (ticker: GDP) announced two strong Haynesville wells today, in an update on the company’s North Louisiana operations.
Goodrich’s Cason Dickson 1H well in Red River Parish achieved a 24-hour IP of 31 MMcf/d. The company reports the well has a lateral length of about 8,000 feet and was completed with 4,000 pounds of proppant per foot from 64 stages.
The Cason Dickson 2H well is much shorter, with a lateral length of only 4,000 feet. However, the well was completed with a more intense fracturing job, with 5,000 pounds per foot over 33 stages. This allowed the 2H well to achieve a 24-hour IP of 23 MMcf/d.
On a per lateral foot basis, the 1H and 2H wells produced 3.9 Mcf/d and 7.7 Mcf/d, respectively. This exceeds not only Goodrich’s average previous wells, which produced 3.7 Mcf/d, but also those of nearby operators, which averaged 2.7 Mcf/d.
Current production is exceeding prior estimates, as Goodrich is producing 80 MMcfe/d, while estimates predicted about 70 MMcfe/d.
Goodrich’s activities will now shift to DeSoto Parish, where the company’s Wurtsbaugh well was recently drilled and cased. Fracturing operations are expected to begin in early June.
These results are on track to propel Goodrich to significant growth in the next two years. SunTrust estimates Goodrich will grow production by nearly 100% in 2018 and 106% in 2019.
