Goodrich Petroleum Corporation has announced its financial and operating results for Q2, 2014.
Financial results
The company鈥檚 revenues totalled US$ 53.3 million in the quarter versus US$ 48.5 million in the prior year period. Average realized price per unit was US$ 8.53/million ft3 in the quarter versus US$ 7.22/million ft3 in the prior year period;
Earnings before interest, taxes, DD&A, non-cash general and administrative expenses and exploration totalled US$ 31.5 million for the quarter and US$ 60.5 million for the six month period ended June 30, compared to US$ 31.5 million in the prior year quarter and US$ 58.6 million in the prior year six month period.
Oil production
Oil production increased 30% to 381 000 barrels, or approximately 4200 bpd, during the quarter, compared to 292 000 barrels, or approximately 3200 bpd in the prior year period. Oil production grew 11% sequentially over the prior quarter.
Shale operations
The company's SLC, Inc. 81H-1 (67% WI) well in West Feliciana Parish, Louisiana has achieved a peak 24-hour production rate to date of approximately 900 boe/d (96% oil) from an approximate 7000 ft lateral with 27 frac stages.
The non-operated Lewis 7-18H-1 (17% WI) well in Amite County, Mississippi, has achieved a peak 24-hour production rate to date of approximately 1500 boe/d (93% oil) from an approximate 8100 ft lateral with 29 frac stages.
The non-operated Mathis 29-32H-1 well in Amite County, Mississippi has achieved a peak 24-hour production rate to date of approximately 1300 boe/d (92% oil) from an approximate 6400 ft lateral with 17 frac stages. The company owns a 6.5% reversionary interest in the well and the right to participate in subsequent wells drilled in the unit.
The company's previously announced Beech Grove 94H-1 (67% WI) well in East Feliciana Parish, Louisiana, which had a reported initial rate of 740 boe/d, achieved a 30-day average production rate of approximately 600 boe/d (90% oil). The Beech Grove continues to perform very well and has thus far exhibited a flatter decline curve profile. The well is currently producing approximately 550 boe/d and is currently on the company's 600 million boe type curve.
The full financial results can be accessed .
Adapted from press release by