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Monday, Aug 26
Goodrich, others working through Tuscaloosa shale complexities
- The complexities of the Tuscaloosa Marine shale - including a softer rock that won’t easily release the oil it hoards - have been difficult to solve, but Goodrich Petroleum (GDP +2.4%), which recently purchased part of a 277K-acre Tuscaloosa leasehold and seven wells, thinks it has cracked the code.
- GDP seems off to a good start: Its Crosby well produced an average of 1,137 bbl/day during its first 30 days of production.
- Meanwhile, Indigo Minerals, with nearly 300K acres in the formation, hopes partner EOG Resources (EOG) also will break through in the Tuscaloosa.