Oil & Gas Company Boosts Production with Well Completions
Source: Streetwise Reports
August 30, 2018 (Investorideas.com Newswire) A ROTH Capital Partners report provided details on "very strong" drill results and "meaningful" increases in production.
In an Aug. 20 research note, analyst John White with ROTH Capital Partners reported that Goodrich Petroleum Corp.'s (GDP:NYSE) recent drill results are "very strong" and completions are driving production "materially higher."
Recent production, following completion of the Demmon well, was 90,000 million cubic feet equivalent per day (90,000 Mcfe/day), which beat expectations for Q3/18. This quantity is 14% higher than ROTH's Q3/18 estimate of 78,704 Mcfe/day. It also exceeds consensus' Q3/18 forecast of 83,520 Mcfe/day.
As for completions, Goodrich, over the last two months, completed two 4,600-foot lateral wells in the Bethany-Longstreet field in Louisiana. Both achieved a 24-hour peak rate of about 22,500 million cubic feet per day. The most recent well to come online, in August, was Demmon 34 No. 1. (Goodrich's interest in it is 89%.) It was preceded by the Wurtsbaugh 35 No. 1 well (71% interest), in July.
Another "meaningful increase" in production should come from Goodrich's Harris 14&23H-1 well (98.5% interest), on which fracking is slated to begin within days.
ROTH has a Buy rating and a $23 per share price target on Goodrich Petroleum, whose current share price is about $12.97.
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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Disclosures from ROTH Capital Partners, Goodrich Petroleum Corp., Flash Note, August 20, 2018
Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
A Research Analyst and/or a member of the Analyst's household own(s) debt or equity securities of Goodrich Petroleum Corp. stock.
ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.
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