- Goodrich Petroleum (NYSE:GDP +13.2%) surges after saying it completed two of its six drilled wells in the emerging Tuscaloosa Marine Shale and plans to complete the remaining four drilled wells from mid-July to early September before the fall borrowing based redetermination scheduled for October.
- GDP also reiterated its Q2 capital spending guidance of $10M-$15M.
- "There is a huge short interest in the stock... Any positive news moves it a lot," says Stifel's Michael Scialla, who adds that the Tuscaloosa play is performing better than expected; GDP's stock price issues come from its weak balance sheet and concerns about its ability to weather the oil price drop, not from its wells in Tuscaloosa, Scialla says.