JACKSON, MS (AP) — Low oil prices mean the driller that has been the most bullish on an oil region that straddles the Louisiana-Mississippi line is cutting back.
Goodrich Petroleum Corp., based in Houston, said Friday that it will spend $80 million to $100 million on exploration and drilling this week, down from $150 million to $200 million it had previously projected.
The company had projected that it would drill 16 to 21 wells in the Tuscaloosa Marine Shale region in southwest Mississippi and Louisiana's Florida Parishes. A spokesman didn't immediately respond to a request for comment, but the new budget will mean fewer wells drilled.
A number of other companies that had been drilling in the region have cut back or pulled out, in part because of high drilling costs per well.
– by AP Reporter Jeff Amy
