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Goodrich Adds Rig to TMS Program; Plans Significant CapEx Increase in 2014
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Goodrich Petroleum Corporation expects that its total 2013 capital expenditures will increase to an estimated $255 million from the previous capital budget estimate of $230 million.
The increase is attributable to the addition of a second rig to its horizontal drilling program in the Tuscaloosa Marine Shale (TMS) and leasehold extension payments in the TMS during the fourth quarter.
The Company is also announcing its preliminary 2014 capital budget of $375 million. The 2014 budget assumes successful completion of its equity offering announced today and includes an increase to five horizontal rigs running in the TMS by the end of 2014 from the two current TMS rigs. The Company plans to spend approximately $300 million on drilling and completion activity including facilities and…
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