New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
June 18, 2014
06:09 EDTGDPGoodrich Petroleum announces TMS well result, operational update
Goodrich Petroleum announced the completion of its Nunnery 12-1H-1 well in Amite County, Mississippi. The well has achieved a peak 24-hour average production rate to date of approximately 815 BOE per day, comprised of 785 barrels of oil and 185 Mcf of gas on a 17/64 inch choke from an approximate 6,000 foot lateral. The well, which is located near the Pike County line along the northeastern boundary of the company's acreage block, landed in the company's lower target and was completed with 22 frac stages. The company has also completed frac operations, drilled out the frac plugs and will commence flow back on its Beech Grove 94H-1 well in East Feliciana Parish, Louisiana this week, with results expected by the end of June. The Beech Grove well was drilled with an approximate 6,000 foot lateral and completed with 21 frac stages. The company has completed drilling operations on the SLC, Inc. 81H-1 well in West Feliciana Parish, Louisiana and expects to commence frac operations in early July. The company has also reached total depth on its Denkmann 33-28H-2 well in Amite County, Mississippi with an approximate 6,200 foot lateral drilled in 25 days, a record for the company. The company continues with drilling operations on its CMR-Foster Creek 24-13H-1 well in Wilkinson County, Mississippi and the Bates 25-24H-1 well in Amite County, Mississippi. The company is currently running three rigs in the TMS with plans to go to as many as five rigs by the end of the year pending continued success. The company has in excess of 300,000 net acres in the play.
News For GDP From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
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.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use