Goodrich Petroleum Pays $6.1M Wells, Landadmin
Oil and gas explorer and producer Goodrich Petroleum Corp. said Tuesday it will buy a 14.5 percent working interest in 22 wells and about 3,300 gross acres in the Cotton Valley trend in Texas for $6.1 million.
The seller is an undisclosed private company.
Goodrich, which already owned the other 85.5 percent working interest in the wells and acreage, said it expects the deal to close before the end of the year. The acreage is within the Dirgin-Beckville field.
The company’s current estimate for the interest is about 5.7 billion cubic feet equivalent of proved reserves and another 5 billion cubic feet equivalent of probable reserves, with net production volumes of about 750 thousand cubic feet equivalent per day.
Goodrich Petroleum shares rose $1.01, or 2.6 percent, to $40.56 in afternoon trading on the New York Stock Exchange.