COVINGTON, LA (AP) — Houston-based Goodrich Petroleum Corp. says the company is completing two wells in Tangipahoa Parish and has started drilling another there.
The Advocate reports the wells are in the Tuscaloosa Marine Shale, an oil-rich formation that crosses Louisiana and extends east into Mississippi.
The Tangipahoa wells are the Verberne 5H-1, the Williams 46H-1 and the Kent 41H-1. The Verberne and Williams wells are among five Goodrich expects will begin production in the fourth quarter.
Energy industry experts say activity in the Tuscaloosa formation is likely to be hurt by the recent drop in oil prices.
Goodrich has more than 300,000 acres under lease and three rigs working there, and most of its $300 million drilling budget for 2014 targets development in the formation.
