Like the Haynesville Shale itself, Goodrich Petroleum Corp. (NYSE MKT: GDP) appears to be reclaiming its identity, recently adding 2,200 net acres in DeSoto Parish in the increasingly competitive gas play.
Goodrich is on the way back—finding its footing on ground it first began amassing 14 years ago.
The company has become leaner since exiting restructuring—at one point it was forced to cut 60% of its staff—and wilier in the structure of such deals.
Goodrich will earn its 2,200 acres through drilling and completion of wells—without paying any upfront cash, the company said May 31. The company’s Haynesville position is about 26,000 net acres.
The renaissance in the Haynesville has been predicated on longer laterals and more proppant. Goodrich plans to finish up a single short lateral in 2017 that, as of March, was still being worked. The plan for the remainder of 2017 is to drill 10,000 ft laterals.
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