Goodrich Petroleum has driven its drilling time down to ten days for wells with 6,000 ft laterals. That equates to 13 days from spud to rig release and 20 days spud-to-spud.
That's almost 60% less than what Goodrich was doing two short years ago. Faster drilling has led to a larger number of drilled, but uncompleted wells. Goodrich now has 9 gross (6 net) wells waiting to be completed.
The company is behind target on completions due to pad drilling, but now expects to complete 25 gross (16.8 net) wells during the year. That's one more well than planned at the beginning of the year.
Goodrich is spending 58% or $115 million of its $200 million, company-wide, budget in the Eagle Ford this year. Goodrich is a historically natural gas focused company, but is now developing the Eagle Ford and exploring the Tuscaloosa Marine Shale. At the end of 2013, the company expects production will have shifted from almost all gas a few years ago to approximately 12% liquids.
If gas prices recover, watch for Goodrich to perform well. Their Eagle Ford acreage is also prospective for the Pearsall Shale.
Read the full press release at goodrichpetroleum.com
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