Goodrich sells Texas assets with eyes on TMS

Eyes on TMS: Goodrich sells non-core assets

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Luke Johnson

 06 August 2012 22:50 GMT

US independent Goodrich Petroleum said it has sold a field in East Texas for $95 million as it prepares to focus more of its efforts – and money – on the Tuscaloosa Marine Shale.

The announcement came as the Houston-based explorer reported a larger loss in the second quarter than in the previous quarter as a result of lower revenues.

Revenues for the three months that ended in June came in at $41.3 million, compared to $52.9 million a year ago.

That resulted in a quarterly loss of $4.7 million, or 13 cents per share, compared to a loss of $1.4 million, or 4 cents per share, a year earlier.

The sale of the non-core assets in Rusk County, Texas, with closing expected 1 October, will help Goodrich in it push to…

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