Goodrich Petroleum Corp. agreed to pay $26.7 million for a 66.7% working interest in producing assets in the Tuscaloosa marine shale in Louisiana.
The transaction involves 185,000 net acres and remains subject to adjustments. Closing is expected by Aug. 22.
The owner of the other 33.3% working interest in the producing assets and leasehold will work jointly with Houston-based Goodrich to develop the assets.
Goodrich did not name the 33.3% interest holder.
Gross oil production associated with the properties averaged 750 b/d of oil during March.
Goodrich Chief Executive Officer Walter G. Goodrich said the transaction provides his company with proved developed producing reserves and infrastructure as well as future development opportunities.
The independent has interests in the Haynesville shale and Cotton Valley trend in East Texas and North Louisiana, the Eagle Ford shale oil window in South Texas, and in the Tuscaloosa marine shale of South Mississippi and Louisiana (OGJ Online, June 13, 2011).