Too Much of a Good(rich) Thing?

By

Casey Hoerth

 | Aug 27, 2014 | 1:00 PM EDT
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If you're a shareholder of Goodrich Petroleum (GDP), Monday was your day. In a press release, management announced the completion of its Blades 33H-1 well in Tangipahoa Parish, Louisiana. Initial production was over 1,200 barrels of oil per day.

Here is the significance: Blades has thus far yielded production comparable to Goodrich's top-performing "core" well, Crosby 12-1h. Blades, however, is considerably east of the "core" Tuscaloosa Marine Shale (or TMS) acreage. This means that the TMS could be broader than originally thought. Couple this good news with Halcon Resources' (HK) entry into the TMS, and it's not hard to see why Goodrich's stock was up a whopping 30% on Monday alone....374 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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