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Haynesville Operator Increasing 2017 Drilling Program
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Goodrich Petroleum announced year-end 2016 financial results and an operational update.
Capital Budget : $45 Million (mid-point of guidance)
Rigs Plan To Operate : 1 Rig
The Company is increasing its 2017 capital expenditure budget to $40-50 million (up from $40MM flat) to account for more operated activity with higher anticipated working interests. The Company is running one operated rig that is currently drilling its Wurtsbaugh 26H-1 (74% WI) well in DeSoto Parish, Louisiana, a 4,600 foot lateral with a planned completion design of 4-5,000 lbs of proppant per foot. ReservesProved reserves at year-end under SEC pricing grew to 302.9 Bcfe (94% natural gas and 85% undeveloped) from 54.9 Bcfe (58% natural gas and 100% developed) at year-end 2015, driven by proved undeveloped reserve…
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