Goodrich, which has been transitioning away from natural gas development, will spend 75% of its 2012 capital budget on various oil plays in the company's portfolio.
The majority of the funds will be spent in the Eagle Ford Shale in Texas, along with a smaller amount in the Tuscaloosa Marine Shale in Louisiana.
Tuscaloosa Marine Shale
The company has 80,000 net acres prospective for the Tuscaloosa Marine Shale, the early stage oil play in Louisiana and Mississippi. It is looking to spend from $20 million to $45 million here in 2012 to drill between two and four net wells.