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Posted by
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Louisiana and Mississippi driller Goodrich files bankruptcy
Posted by crazycubes on 4/19/16 at 4:09 pm00
TMS just didn't come thru
LINK
LINK
quote:
Houston-based Goodrich Petroleum filed for Chapter 11 bankruptcy Friday after securities owners rejected swapping their holdings for common stock to lower debt payments. The company cites $99 million in assets against $507 million in debts.
quote:
Goodrich is a small player in the oil world, and had focused on developing the Tuscaloosa shale formation. Wells in that region of southwest Mississippi and the Florida Parishes of Louisiana were among the highest-cost oil wells being drilled when prices began to fall, and drilling activity quickly dwindled. A number of wells were drilled but not hydraulically fractured, as companies wait for higher prices to start pumping.
Chief Operating Officer Robert Turnham, in court papers, said the plunge in oil prices punctured company finances. While Goodrich was getting $105 a barrel for Tuscaloosa Marine Shale crude in 2013, it got less than $50 per barrel last year.
Goodrich wants a federal bankruptcy judge to approve a plan cutting debt to $40 million and reducing interest payments by more than $30 million a year. Junior debtholders would have to approve.
re: Louisiana and Mississippi driller Goodrich files bankruptcyPosted by TheIndulger on 4/19/16 at 4:13 pm to crazycubes
Companies were scrounging to make money there at $100 oil. Goodrich took a big gamble it lost
re: Louisiana and Mississippi driller Goodrich files bankruptcyPosted by FelicianaTigerfan on 4/19/16 at 4:28 pm to crazycubes
quote:
TMS just didn't come thru
The oil is there in the TMS, the value of the oil is where it failed. They were just a few years too late going after it.
re: Louisiana and Mississippi driller Goodrich files bankruptcyPosted by stevengtiger on 4/19/16 at 4:49 pm to FelicianaTigerfan
quote:
The oil is there in the TMS, the value of the oil is where it failed
Isn't the TMS play also an extremely expensive field to drill? Deep and hard to locate hydrocarbons? It isn't just the price being below $40 that hurt them on this deal, IMO.
re: Louisiana and Mississippi driller Goodrich files bankruptcyPosted by TigerDog83 on 4/19/16 at 8:41 pm to stevengtiger
They were in a tight financial position before the TMS. They should have sold the company during the height of the haynesville mania. What's kind of amazing is that they are trying to do the pre-pack and keep all management intact. The pre-pack is trying to stiff all common and preferred shareholders along with all unsecured creditors. I guess they haven't destroyed enough capital yet. This should be a chapter 7 liquidation.
GDP pre pack offer
GDP pre pack offer
This post was edited on 4/19 at 8:47 pm
re: Louisiana and Mississippi driller Goodrich files bankruptcyPosted by bayoubengals88 on 4/19/16 at 9:39 pm to crazycubes
Is Halcon still there?
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