Goodrich, Chesapeake to develop Haynesville shale

By OGJ editors
HOUSTON, June 20 -- Goodrich Petroleum Corp. and Chesapeake Energy Corp. plan a joint venture to develop what is now Goodrich's Haynesville shale acreage.

Chesapeake will operate the joint venture to develop Bethany-Longstreet and Longwood fields in Caddo and DeSoto parishes in Louisiana.

Closing is scheduled by July 15. Chesapeake, Oklahoma City, agreed to pay Goodrich, Houston, $178 million for the deep rights to 10,250 net acres of oil and gas leasehold.

From a third party, Chesapeake agreed to purchase 7,500 net acres of deep rights in Bethany-Longstreet field, bringing interest in the deep rights of both fields to 50% each for Goodrich and Chesapeake.

Value of the Chesapeake third-party transaction was not disclosed.

The joint venture plans horizontal development with one rig, beginning in the third quarter. A second rig is scheduled to be added during the fourth quarter.

Goodrich is retaining the shallow rights—through the base of the Cotton Valley sand—and the existing production and reserves in Bethany-Longstreet field and Longwood field. It also is retaining interests in both the shallow and Haynesville shale rights on all its East Texas assets.

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