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Tag Archives: Tuscaloosa Marine Shale

Louisiana and Mississippi driller Goodrich files bankruptcy

goodrich files bankruptcy

JACKSON, Miss. (AP) — One of the oil companies most active in drilling wells in the Tuscaloosa Marine Shale formation in Mississippi and Louisiana has sought bankruptcy protection. 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 ...

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Goodrich Petroleum among recent energy companies delisted from New York Stock Exchange

crude prices rise

Goodrich Petroleum Corp., a Houston-based oil and gas producer, is the latest victim of low oil prices. The price of WTI slipped below $30 yesterday, and an impending rebound doesn’t seem likely. The company noted in a press release Goodrich it was removed from the New York Stock Exchange for “abnormally low price levels,” closing at only 16 cents on ...

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Helis receives DEQ approval for controversial fracking project

Helis Oil & Gas Co. has overcome yet another obstacle in the approval process to move forward with its proposed drilling project in St. Tammany Parish. The company received the red stamp of approval yesterday from the Louisiana Department of Environmental Quality, which determined that Helis’ project would not violate state water quality standards. According to the Times-Picayune, the proposed ...

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Texas company fined for taking water from river

water ripples in stream

JACKSON, Miss. — A Texas oil company involved in the Tuscaloosa Marine Shale project has agreed to pay a $60,000 penalty for withdrawing water from a stream without a permit. The Mississippi Department of Environmental Quality tells The Enterprise-Journal Halcon Operating Co., based in Houston, agreed to pay the sum for taking water from Buffalo River in?Wilkinson County before getting ...

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Oil shale development continues declining

NATCHEZ — Development in the Tuscaloosa Marine Shale is continuing to slow as oil prices continue declining. Goodrich Petroleum announced last week its plans to spend between $90 and $110 million this year in the shale play, which is located in Amite, Wilkinson and southern Adams County and in Louisiana. That plan is a reduction from earlier projections of $150 ...

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Will the St. Tammany Parish Council bump up its legal budget?

With a lawsuit looming uncertainly in the future, the St. Tammany Parish Council is considering boosting its allocated funds for the legal effort. Although the council has already budgeted $125,000 for the courtroom battle, a resolution has been put forward for an additional $50,000. The parish council is set to vote on the proposal on Thursday, February 5, according to the ...

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Helis submits 500-page response to Army Corps’ questions

In a continued effort to earn approval on all fronts for its hydraulic fracturing permit in St. Tammany Parish, Helis Oil & Gas Co. has submitted a 500-page explication to the U.S. Army Corps of Engineers which addresses all questions and concerns addressed by the authority last December. The Corps had raised a variety of questions regarding Helis’ proposal to ...

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TMS likely to see a rough 2015

The transition into a new year is seeing a transition out of the Tuscaloosa Marine Shale (TMS). At the beginning of 2014, the industry was hopeful that the metaphorical egg would finally be cracked and steady oil production in the TMS could begin. Companies such as Goodrich Petroleum poured massive amounts of capital into the formation, but it seemed that ...

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Comstock quits Tuscaloosa play on falling prices

MCCOMB, Miss. — A second oil company is stopping drilling in the Tuscaloosa Marine Shale because of falling oil prices. Comstock Resources, based in Frisco, Texas, said Thursday that it would stop drilling in the oil region, which straddles the state line between southwest Mississippi and Louisiana’s Florida Parishes. “Comstock has released its rig in the Tuscaloosa Marine shale and ...

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Helis receives DNR approval to drill

The debate over Helis Oil & Gas Co.’s proposal to drill in St. Tammany may not be over, but it is leaning in Helis’ favor. According to Sara Pagones for The Advocate, the Louisiana Department of Natural Resources has granted the company’s request to drill near Mandeville. Although a lawsuit is still in progress between Helis and the St. Tammany ...

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