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Goodrich reports a 4.5% increase in year-end reserves


Published Feb 18, 2010
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Goodrich Petroleum Corporation announces increased activity, recent results and future plans in the Bethany-Longstreet Field-Spotlight

Goodrich Petroleum Corporation says that its proved oil and natural gas reserves as of December 31, 2009 increased by 4.5% to 420.6 billion cubic feet equivalent (Bcfe) of natural gas versus the prior year period. Year-end proved reserves were 99% natural gas and 39% developed.

The present value, using a 10% discount rate, of the future net cash flows before income taxes of the proved reserves (the "PV-10 Value") was approximately $148.2 million, using average first day-of-the-month 2009 prices of $3.87 per MMBtu for natural gas and $61.18 per barrel for oil. Under the previous SEC pricing guidelines, the same year-end proved reserves would have been 460.0 Bcfe, with a PV-10 Value of approximately $550.0 million using year-end prices of $5.79 per MMBtu of gas and $79.39 per barrel of oil. The PV-10 Value is different from the standardized measure of discounted estimated future cash flows, in that the latter measure is calculated after a reduction for the discounted value of estimated future income taxes.

The Company had proved reserve additions of 314.3 Bcfe before revisions, based on drilling and completion capital expenditures of $215.0 million, for an organic finding and development cost of $0.68 per Mcfe. When including approximately 259.6 Bcfe of negative revisions due to lower prices used in the year-end 2009 reserve report, organic finding and development cost was $3.93 per Mcfe. Proved developed reserve additions were 67.1 Bcfe before revisions, with a proved developed organic finding and development cost of $3.21 per Mcfe. When factoring in approximately 22.3 Bcfe of negative price-related revisions to proved developed reserves, organic finding and development cost was $4.81 per Mcfe.

Tags: Goodrich Petroleum Corporation




   

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