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Gold/Mining/Energy : Goodrich Petroleum Corporation (GDP-NYSE)
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To: William JH who wrote (5)10/16/1997 12:56:00 PM
From: richard badauskas   of 12
 
FAR junior jv partner with Goodrich made the following announcement to the Australian Stock Exchange last night, this is my summary. Kings Ridge - Well logs and cores taken..confirm a significant oil and gas discovery over three zones..areal extent of sand appox. 250 acres. A further deeper zone the Coffee Bay Sand which is a prolific producer to the South at Coffee Bay Field and Lake Enferner historical average for this zone 8.5 billion cubic feet per well, could not be tested because of stuck drill due to angle deviation. Production casing being run. Production barge facility to be located on site for oil, and gas to be piped 2,500 feet to pipeline.

Rig being moved to Dupont #1 on the Isle St Jean Charles Prospect in Terrebone Parish. Well spuds Saturday, will drill to 10,200 feet, will take 12-15 days. Located near Penzoil's Bay Baptiste Field. Well mapped to gain 23 feet of structure. Sands in the 9,000-9,700 have been good producers in the Bay Baptiste Field.

Houma Prospect, Terrebonne Parish. Gaidry #1 spuds to-day. Well will test for gas/ condensate bearing Krumbhaar Sand at appox. 12,600 feet with Gaidry Sand and Tex W sands as secondary objectives. Well duration 26 days.

Goldfinger Prospect, Dawson County Texas. 30 feet of net pay sands. Tested 119.5 barrels of 43.8 degree gravity oil during a combined 2.1 hour drill stem test. Subject to successful testing and completion sales will commence in October.
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