Low oil prices force Eagle Ford sale
US shale producer Goodrich Petroleum sold off a chunk of its Eagle Ford acreage in an $118m deal in late July as the cash-squeezed producer looks to pay down debt and fortify itself for a period of low oil prices
Goodrich will sell around 13,000 of its 30,000 acres in the Eagle Ford shale play, which holds 10m barrels of oil equivalent (boe) in proved reserves and produces around 2,850 boe/d, of which around three quarters is oil. It didn’t identify the buyer. It is among the first deals in the Eagle Ford since the oil price crash and others looking to do deals will be trying to understand the motivation.The deal valued the company’s reserves at $11.80/boe and the land at around $9,000/acre, well off what Eagle Ford acreage was fetching a few years ago. At the height of the land grab, some areas of the Eagle Ford shale play sold for more than three times as much. Dealmaking in the shale patch is like
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