Effective from 1 March 2013, the purchase involved working interest in producing assets and around 277,000 gross acres in TMS.
After the end of transaction, Goodrich will own around 320,000 net acres in TMS when combined with its current position.
In March 2013, the gross oil production of both the properties was around 750 barrels of oil per day.
The acquisition is subject to customary closing adjustments and is expected to close by 22 August 2013.
In another development, Goodrich has reported successful completion of its Smith 5-29H-1 (89.5% WI) well in Amite County, Mississippi.
Situated around 36 miles east of its Crosby well, the Smith well is in its early stages of flowback and had a 24hr average rate of 1,045 barrels of oil equivalent (BOE) per day.
The company is also nearing the completion of its Anderson 17H-2 (7% WI) and Anderson 17H-3 (7% WI) wells, and is currently drilling the CMR/Foster Creek 20-7H-1 (98.5% WI) well, with plans to keep one rig running till the end of 2013.
Goodrich Petroleum CEO Walter G ‘Gil’ Goodrich said the company view this transaction as meaningful for their shareholders as they have added proved developed producing reserves, facilities and infrastructure to leverage off of for future development and more than doubled their acreage position and exposure to the TMS with very little change in their available liquidity.
"We are encouraged by our latest well result in the TMS, with the lateral placed above the rubble zone and drilled at an estimated cost of approximately $13 million," Goodrich added.
