Saturday, August 28, 2010

Goodrich to buy Eagle Ford Haynesville shale resources

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(Reuters) - Independent oil and gas path-finder Goodrich Petroleum Corp pronounced it will buy 35,000 net acres in the Eagle Ford shale and 4,200 net acres in the Haynesville shale in Texas.

Deals

The Eagle Ford understanding involves about $15 million in upfront money remuneration whilst the Haynesville understanding has no upfront money consideration.

Goodrich expects to spud the primary Eagle Ford shale well in the second entertain and run one or dual rigs in the fool around during the second half.

The merger boosts the company"s Haynesville shale register to about 89,500 net acres.

Goodrich confirmed the 2010 collateral output bill of $255 million, but pronounced it reallocated about $50 million, or about twenty percent of the amount, to leasehold, training and execution costs compared with the Eagle Ford Shale oil play.

Shares of the company, that has a infancy of the properties in Louisiana and Texas, sealed at $17.97 Friday on the New York Stock Exchange. (Reporting by Krishna N. Das in Bangalore; Editing by Roshni Menon)

Deals

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