Goodrich scores success in Mississippi shale

Company plans five more rigs for reserve area.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   June 2, 2014 at 11:01 AM

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.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Ford recalls 432,000 North American vehicles over software bug
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue
Aetna to acquire Humana for $37 billion in cash, stocks