Goodrich Petroleum slides amid Tuscaloosa drilling challenges

Goodrich Petroleum's (GDP -5.9%) Q3 earnings beat expectations, but its drilling operations in the Tuscaloosa Marine Shale continue to prove problematic.

Overall Q3 production rose 16% Q/Q to 7.7B cfe; oil volumes rose 28% 374K barrels, while gas volumes gained 11% to 5.5B cf.

GDP encountered completion delays with its latest Tuscaloosa Marine probe, the Huff 18-7H-1, and its CMR-Foster Creek 20-7H-1 well.

Tuscaloosa Marine is a make or break prospect for GDP, which has announced plans to spend ~$300M there next year, four times the cash set aside for the play in 2013.

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