Goodrich Petroleum Corp., Houston, reduced its 2019 capital expenditure budget by some $40 million yet expects to maintain its previous production guidance for 2019 due to outperformance of its wells relative to its type curves. It will begin the year with a single rig running on its core North Louisiana Haynesville acreage with plans to add a second rig in the second quarter.
With a budget of $90–$100 million, the company expects to grow production by 90–105% versus 2018 to 49.3–52.9 bcf equivalent for the year (98% natural gas).
The company has allocated most of the budget to drilling and completing core Haynesville shale wells in the Bethany-Longstreet and Thorn Lake areas of Caddo, DeSoto, and Red River Parishes, La. (OGJ Online, Sept. 18, 2018).
For the year, Goodrich, as operator, plans to drill and/or complete 11 gross (9.8 net) horizontal wells, with a blended net average lateral length of 7,000 ft.
Fracturing operations on two Cason–Dickson wells (9,300 ft laterals, 98% interest) in the Thorn Lake area of Red River Parish, La., are expected to begin in early January. They will be followed by two Loftus wells (7,500 ft laterals, about 90% interest) in Bethany-Longstreet field in DeSoto Parish, La.