Goodrich reports oil well success _lowres

In this Dec. 23, 2013, photograph, a Goodrich Petroleum well stands ready for more work near Liberty, Miss. Oil companies plan a big increase in drilling activity in 2014 in southwest Mississippi. They're trying to extract oil from a formation called the Tuscaloosa Marine Shale, which one study says could hold 7 billion barrels. (AP Photo/Rogelio V. Solis)

Houston-based Goodrich Petroleum Corp. reported Monday that its latest Tuscaloosa Marine Shale well, this one in Amite County, Mississippi, produced the equivalent of 1,387 barrels of oil and 337,000 cubic feet of natural gas in 24 hours.

The company said it expects to complete another Amite County well later this month. Goodrich is also drilling the SLC Inc. 81H-1 well in West Feliciana Parish and two others in Amite and Wilkinson counties. Goodrich said it is temporarily running four drilling rigs and is in the process of swapping out the oldest for a newer, more technologically advanced rig. The company plans to go to as many as five rigs by the end of the year, as long as the well results continue to be successful.

The Tuscaloosa Marine Shale stretches from Texas across the middle of Louisiana and into Mississippi. The formation has been estimated to hold up to 9 billion barrels of oil. Goodrich is one of the biggest players in the formation, with more than 300,000 acres under lease. The company has said it plans to spend $300 million drilling wells in the formation in 2014.