Goodrich Petroleum Corp. is one to two weeks away from initial production on two oil wells in Tangipahoa Parish.
The wells — B-Nez 43H-1 and B-Nez 43H-2 — lie in the Tuscaloosa Marine Shale, an oil-bearing formation that stretches from Texas into Mississippi.
The drop in oil prices drove most energy companies out of the Tuscaloosa, a still developing formation where well costs are high. Houston-based Goodrich is one of the biggest players in the formation, with more than 300,000 acres under lease.
The company said Monday it expects to complete four other Tuscaloosa Marine Shale wells between mid-July and early September. All six wells lie in what Goodrich calls its core acreage, 150,000 acres in the eastern part of Louisiana and the western part of Mississippi.
The company expects to complete the wells before its borrowing base is recalculated in October. The borrowing base is the financing available and is tied to the value a company’s collateral.
Oil and gas companies have seen their borrowing bases slashed in 2015 as oil and natural gas prices have fallen sharply.
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