HOUSTON, Sept. 1, 2021 /PRNewswire/ -- Goodrich
Petroleum Corporation (NYSE American: GDP) (the "Company") today
announced an acquisition in the core of the Haynesville Shale
basin and updated third quarter and fourth quarter of 2021 and
preliminary 2022 guidance.
ACQUISITION
The Company has acquired eight wells producing approximately
2,000 Mcfe per day and approximately 5,800 gross (4,500 net) acres
in the core of the Haynesville Shale basin in Caddo and Bossier Parishes, Louisiana for $1.5
million and the obligation to drill eight wells over a four
year period. The Company now has approximately 32,000 net acres in
the core of the play.
GUIDANCE
The Company is giving additional guidance for the third quarter
and fourth quarter of 2021 and preliminary guidance for 2022 based
on current strip prices and subject to quarterly review, as
follows:
|
|
|
|
|
3Q21
|
4Q21
|
2022
|
|
Production (Bcfe – 99%
Natural Gas):
|
15.2 –
16.1
|
17.3 –
18.2
|
76.7 –
87.6
|
|
Average Daily
Production (Mcfe Per Day)
|
165,000 –
175,000
|
187,500 –
197,500
|
210,000 –
240,000
|
|
Hedged Percentage
(Midpoint)
|
84%
|
78%
|
43%
|
|
Swaps ($2.86, $2.90 & $2.94, respectively)
|
66%
|
62%
|
16%
|
|
Collars ($2.50 - $3.50 for 2021 & $2.68 -
$3.40 for 2022)
|
18%
|
16%
|
27%
|
|
LOE (Per
Mcfe)
|
$0.18 -
$0.23
|
$0.18 -
$0.23
|
$0.17 -
$0.21
|
|
Transportation &
processing (Per Mcfe)
|
$0.27 -
$0.29
|
$0.27 -
$0.29
|
$0.25 -
$0.31
|
|
Production & other
taxes (Per Mcfe)
|
$0.06
|
$0.06
|
$0.05 -
$0.07
|
|
G&A (Per Mcfe –
Cash)
|
$0.19 -
$0.23
|
$0.19 -
$0.23
|
$0.16 -
$0.22
|
|
Adjusted
EBITDA
|
$32 - $36
Million
|
$38 - $42
Million
|
$180 - $200
Million
|
|
Capex
|
$23 - $27
Million
|
$16 - $20
Million
|
$105 - $125
Million
|
|
Reinvestment
Rate
|
~75%
|
~45%
|
~60%
|
|
Free Cash
Flow
|
$6 - $10
Million
|
$19 - $23
Million
|
$65 - $85
Million
|
|
|
|
|
|
|
|
|
|
Net Debt
(6/30/21)
|
$121
Million
|
|
Basic Shares
(6/30/21)
|
13.4
Million
|
|
Fully Diluted Shares
(6/30/21)
|
15.3
Million
|
|
|
|
|
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SOURCE Goodrich Petroleum Corporation
