Goodrich Petroleum Corporation (the "Company") announced that it expects that its total 2013 capital expenditures will increase to an estimated $255 million from the previous capital budget estimate of $230 million. The increase is attributable to the addition of a second rig to its horizontal drilling program in the Tuscaloosa Marine Shale ("TMS") and leasehold extension payments in the TMS during the fourth quarter.
The Company is also announcing its preliminary 2014 capital budget of $375 million. The 2014 budget assumes successful completion of its equity offering announced and includes an increase to five horizontal rigs running in the TMS by the end of 2014 from the two current TMS rigs. The Company plans to spend approximately $300 million on drilling and completion activity including facilities and infrastructure in the TMS. The Company also plans to spend approximately $30 million on drilling and completion activities in both its Eagle Ford and Angelina River Trend ("ART") / Haynesville areas. An additional $15 million is budgeted for leasehold acquisitions and extensions as well as for general corporate purposes, including working capital.
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