Goodrich +29%, Halcon +8.5% on strong Tuscaloosa well results

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

Goodrich Petroleum (GDP +28.9%) soars nearly 30% after reporting strong results from a well drilled in the emerging Tuscaloosa Marine shale play at a cheaper cost than any previous successful well.

The Blades well is the first confirming data point on the acreage acquired from Devon and helps de-risk this acreage, according to Wells Fargo, and goes a long way towards addressing issues with drilling out plugs - "a very positive development."

GDP's results are cause for excitement among investors in Halcon Resources (HK +8.5%), whose first Tuscaloosa well is expected next month with another five wells planned to be spudded by July.