Goodrich Petroleum announced the closing of the sale of a previously announced divesture of its non-core Cotton Valley assets located in Beckville/Minden assets in Panola and Rusk Counties, Texas for the previously announced price of $61 million.
Here are links to today's announcement and to an earlier announcement on the sale.
Today:
Earlier report:
http://goodrichpetroleum.investorroom.com/index.php?s=43&item=478
Recent News
In a news release from today linked below, Australis Oil and Gas announced a decision to cut short the lateral on its 2nd well of an initial 10 well drilling plan. After successfully drilling a 2,000 foot lateral in the Bergold 29H-2, they "encountered difficulties related to the formations above the target zone but below the casing shoe. Australis believes that the formation characteristics encountered whilst drilling this section of the Bergold 29H-2 are not consistent with the substantial database the Company holds and are therefore unique to this area. Australis has successfully implemented several planned contingencies to recover a stuck drilling assembly and maintain the wellbore integrity, however the decision has now been made to complete the existing wellbore...rather than attempt to drill further." As reported in an earlier update on the Bergold 29H-2, the spud well was unable to successfully complete the initial 3,200 foot hole. As the company stated, there appears to be an unusual challenge in drilling in this particular place. The Stewart 30H-1, drilled with the same rig and from the same pad, successfully drilled a 7,000 ft. plus lateral for a total hole length of 19,424 ft. Fracking operations on both the Stewart 30H-1 and the Bergold 29H-2 wells will begin in December. These wells are located on a pad roughly 2 miles east of the Gillsburg community in the southeastern portion of Amite County, Mississippi. Meanwhile, the Nabors B-14 rig will be moved to complete the drilling of the Williams 26H-2 and Taylor 27H-1 wells which have already been drilled and concreted to the surface water protection depth of 3,200 feet using the Monclua #3 spudder rig. More details related to these drilling and planned fracturing operations can be found in the link below. http://www.australisoil.com/irm/showdownloaddoc.aspx?AnnounceGuid=a8e6dfb0-5f86-4c37-b930-1e55eabc0cb2&TE=Bernel@bellsouth.net
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