Goodrich Petroleum slides on Tuscaloosa Marine Shale plug-up

|About: Goodrich Petroleum Corporation (GDPM)|By:, SA News Editor

Goodrich Petroleum (GDP -9%) shares slide after the company announces its Huff well in the Tuscaloosa Marine Shale was successfully fracture stimulated with 17 stages and has commenced flowback "at expected fluid rates."

However, the well became plugged up with frac-related debris which will need to be cleaned out prior to resuming flowback. The company will disclose completion results after Jan. 1 once flowback has resumed and peak rate is achieved. Goodrich has run through rough patches with the well previously, which may explain the sharp reaction.