The Company acquired additional acreage in the Haynesville Shale and subsequently boosted its production guidance for the
quarter. Goodrich said it will pay about $3.3 million to a private company to buy a 50% non-operated interest in 5,800 gross
acres, 2,900 net to the company, in the Central Pine Island field, adjacent to its Longwood field in Caddo Parish, Louisiana.
Earlier this month, Chesapeake Energy (CHK) agreed to pay $178 million to buy into Goodrich’s property in the Haynesville shale. The company said that with the completion of this new transaction and the previously announced joint venture with Chesapeake, Goodrich has a total of about 22,000 net acres in north Louisiana.
“The Goodrich story is catalyst-rich like no other time in the company's history,” an analyst at a large investment bank wrote in a note to investors. He added, “The company continues to be aggressive in developing and growing its Haynesville Shale prospective leasehold, while driving returns (higher yields on lower costs) in other operating areas.