HOUSTON, June 2 (UPI) -- Goodrich Petroleum Corp. said Monday it was declaring success with its latest hydraulic fracturing campaign in a shale basin in Mississippi.
The company said it reached an average production rate of 1,460 barrels of oil equivalent during a test of a well in the Tuscaloosa Marine shale in southwest Mississippi.
"The company is temporarily running four rigs as it is in the process of swapping out the oldest rig for a newer, more technologically advanced rig, with plans to go to as many as five rigs by the end of the year pending continued success," a Goodrich statement read.
Goodrich made similar claims with the portion of the shale play that sits in Louisiana in April.
Goodrich has more than 300,000 net acres spread out over the so-called Tuscaloosa marine shale reserve area, which the Louisiana Department of Natural Resources estimates contains approximately 7 billion barrels of oil.