By OGJ editors
HOUSTON, Jan. 16 -- Goodrich Petroleum Corp., Houston, agreed to sell most of its South Louisiana assets for $100 million to a private purchaser. Goodrich said it made the sale to reduce operating costs and to focus on its Cotton Valley oil and gas operations in western Bienville Parish, La.
Closing is expected by Feb. 28. The transaction will have an effective date of July 1, 2006.
Goodrich is selling 41 bcf equivalent net of proved reserves, of which 44% is proved developed producing. During December, the properties produced an average 13 bcfd net to Goodrich.
