Goodrich buys Plumb Bob field

Debra Beachy, Petroleum News contributing writer

Houston-based Goodrich Petroleum Corp. has acquired oil and gas leases on 450 acres of the Plumb Bob field in southern Louisiana’s St. Martin Parish, the company said Sept. 3. The $200,000 deal also includes 3-D seismic permits with oil and gas lease options on 17,000 acres, and seven shut-in wellbores. It also includes rights to production facilities and pipelines once production starts, as well as rights to the existing wellbores, production facilities and pipelines and related expenses for pipeline repairs.

The Plumb Bob field was discovered by Texaco in 1929. Sixty-nine percent of 108 wells drilled there have been productive, and the field has produced 17 million barrels of oil and 23 billion cubic feet of natural gas, or 123 bcf equivalents. The field has never been shot with 3-D seismic and is not currently producing, Goodrich said.

Commenting on the transaction, Goodrich President Robert Turnham said the property “is a mature oil and gas field with complex geology, multiple productive reservoirs and existing infrastructure which has never been shot with 3-D seismic. We are confident the combination of the low acquisition costs and the enhancement of the subsurface interpretation with the 3-D seismic survey should assist in the expansion of our project inventory, reserves and production at attractive net finding and development costs.”