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Stock Market & Financial Investment News

News Breaks
February 6, 2013
07:55 EDTGDPGoodrich Petroleum announces Tuscaloosa Marine Shale well result
Goodrich Petroleum announced the completion of its Crosby 12H-1 well in Wilkinson County, Mississippi. The well is continuing to improve with a current production rate of 1,250 barrels of oil equivalent per day and a 24 hour average rate of 1,130 BOE per day comprised of 1,050 barrels of oil and 469 Mcf of gas, on a 15/64" choke with 2,700 psi. The well, which has approximately 6,700 feet of usable lateral and was fracked with 25 stages, is in the early stage of flowback, with approximately 1% of the frac fluid recovered to date. The company currently has approximately 135,000 net acres in the play, and now expects to spend the higher end of its previously announced 2013 capital expenditure budget in the TMS of approximately $50M.
News For GDP From The Last 14 Days
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July 27, 2015
09:21 EDTGDPOn The Fly: Pre-market Movers
HIGHER: Magnetek (MAG), up 53.5% after Columbus McKinnon (CMCO) agrees to acquire the company... Xueda Education (XUE), up 40.6% after merging with Xiamen Insight Investment... Box (BOX), up 4.6% after being upgraded to Overweight from Sector Weight at Pacific Crest... Goodrich Petroleum (GDP), up 6.4% after announcing sale of proved reserves and a portion of Eagle Ford leasehold. NOTABLE: Teva Pharmaceutical (TEVA), up 10.7% after acquiring Allergan Generics... Allergan (AGN) is up 6.3%... Mylan (MYL), down 14% after Teva withdraws proposal to acquire the company... Perrigo (PRGO), up 3% after Teva withdraws proposal to acquire Mylan. DOWN AFTER EARNINGS: Sohu.com (SOHU), down 6%... Changyou.com (CYOU), down 10.1%. ALSO LOWER: Bellerophon (BLPH) down 63% after announcing results of BCM clinical trial... Terex (TEX), down 4% after being downgraded to Sell from Neutral at Goldman... Ultragenyx Pharmaceutical (RARE), down 3.5% after being downgraded to Equal Weight from Overweight at Morgan Stanley...
06:09 EDTGDPGoodrich announces sale of proved reserves, portion of Eagle Ford leasehold
Goodrich Petroleum announced that it has entered into a definitive agreement to sell its proved reserves and associated leasehold in the Eagle Ford Shale in LaSalle and Frio Counties, Texas for $118M, subject to purchase price adjustments as provided for in the Purchase and Sale Agreement. The effective date of the transaction is July 1 with an expected closing date on or before September 4. The company is retaining approximately 58% of its undeveloped leasehold in the play for future development or sale. The asset being sold produced an average of approximately 2,850 barrels of oil equivalent per day during Q1. The company expects to book a gain of approximately $50M-60M on the sale at closing after factoring in customary closing adjustments. The company plans to pay off its bank revolver and retain the difference in cash from the sales proceeds.

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