Goodrich Petroleum Corporation Announces 2000 Year End and Fourth Quarter Results; 2000 Revenues, Cash Flow, Net Income and Reserves Reach Record Levels

or 6.8 Bcfe, with reserve additions of 21.8 Bcfe. "We have greatly strengthened our balance sheet, and when coupled with the anticipated continued strong levels of cash flow from operations, the Company is very well positioned to take advantage of the numerous opportunities we have in inventory...

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Bibliographic Details
Published inPR Newswire p. 1
Format Newsletter
LanguageEnglish
Published New York PR Newswire Association LLC 16.03.2001
Subjects
Balance sheets
Capital expenditures
Cash flow
Drilling
Economic development
Energy economics
Income taxes
Natural gas
Natural gas reserves
Net income
Oil reserves
Prices
Working capital
Texas, Louisiana
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Summary:or 6.8 Bcfe, with reserve additions of 21.8 Bcfe. "We have greatly strengthened our balance sheet, and when coupled with the anticipated continued strong levels of cash flow from operations, the Company is very well positioned to take advantage of the numerous opportunities we have in inventory. We are currently drilling in the Lafitte, West Delta 83 and South Drew fields and should have additional results to report on these prospects in the near future. In addition, we have an extensive drilling program planned for 2001, including five additional prospects to be drilled in the Burrwood and West Delta 83 fields. We believe these scheduled drilling activities, in addition to our ongoing recompletion operations, will add meaningful growth in production volumes during the course of the year." Certain statements in this news release regarding future expectations and plans for future activities may be regarded as "forward looking statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as financial market conditions, operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.