Goodrich Petroleum to sell portion of Tuscaloosa Marine Shale position for $3.3M
The company has entered into an agreement, subject to definitive documentation, to sell a portion of its interest in the western area of the company's Tuscaloosa Marine Shale acreage position in East and West Feliciana Parishes, Louisiana for $3.3M The transaction is expected to close on or before June 15, 2018. The company has reached an agreement, subject to definitive documentation, with respect to an acreage swap on a portion of the company's leasehold in the Bethany-Longstreet Field of Caddo Parish, Louisiana, which would add ten 10,000 foot laterals to its operated inventory. In addition, the company has reached an agreement, subject to definitive documentation, to amend a gas gathering agreement with the midstream provider on what has historically been its non-operated acreage in the Bethany-Longstreet Field which will reduce the gathering fees from 53c- 75c per Mcf to a range of 26c-60c per Mcf, dependent on volumes. This amended gathering agreement is expected to materially reduce future gathering and transportation expense as the company grows production volumes from development of its Haynesville Shale acreage.