Houston-based Goodrich Petroleum Corp. (NYSE: GDP) has closed on the previously announced acquisition of a 66.7% working interest in 277,000 gross acres and 750 barrels of oil per day effective March 1, 2013. The closing price after purchase price adjustments was $23.7 million, which was funded with available cash. At closing, the company's borrowing base increased to $243 million, with nothing currently drawn. The company intends to spud its initial well on the acquired acreage in October 2013.
The company also announced the completion of the non-operated Anderson 17-3 (7% WI) well at a maximum 24-hour average rate of 915 barrels of oil equivalent (BOE, 94% oil) per day. Both the non-operated Anderson 17-2 (7% WI) well, which was previously reported at 1,540 BOE per day, and the Anderson 17-3 well have been on an accelerated choke schedule in preparation of the installation of downhole pumps which have the potential of moving high fluid volumes.
The company also announced updated production for its company-operated Smith 5-29-1 (98% WI) well, which has averaged 850 BOE (94% oil) per day over 25 days.
The company has drilled and cased its CMR/Foster Creek 20-7-1 (98.5% WI) well, a 6,200 foot lateral with 23 planned frac stages and a scheduled frac date of September 1st. The company is expected to spud its Huff 18-7-1 (97% WI) well this week.