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Tuscaloosa Marine Shale: Developments, Operating Analysis, Economics, Catalysts
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Two significant headlines in the course of the past several days have brought the Tuscaloosa Marine Shale (TMS) back in the center of the industry and investors’ attention: last week, Devon Energy (DVN) made public its decision to sell the company’s entire ~300,000-acre position in the play; and yesterday, a strong test result was reported by Goodrich Petroleum (GDP) for its Crosby 12H-1 well. Both developments may have important implications for this potentially highly impactful, albeit challenging, horizontal oil play.
The Crosby 12H-1 release by Goodrich sent the company’s stock up by 18% on the trading session. The well (Goodrich 50% WI, operator; Encana [ECA] 25% WI; Contango Oil & Gas [MCF] 25%) tested with a very strong 24-hour rate of 1,130 Boe/d comprised of 1,050 barrels of oil…
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