Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of oil and gas company Goodrich Petroleum (NASDAQOTH:GDPM) jumped 19% today after releasing drilling results.
So what: The company announced that its Crosby 12H-1 well in Wilkinson County, Miss., is now producing 1,250 barrels of oil equivalent per day. The shale formation this well is drilled in is up to 3 miles below the earth's surface and may hold 7 billion barrels of oil, a huge potential for Goodrich.
Now what: Goodrich owns 50% of this well along with 25% interests for Encana (NYSE:ECA) and Contango Oil & Gas (NYSEMKT:MCF). This is big news because the company's last well in the Tuscaloosa formation wasn't successful. Considering the potential production, I think Goodrich can continue to move higher from here as it continues to explore the region.
Interested in more info on Goodrich Petroleum? Add it to your watchlist by clicking here.
Fool contributor Travis Hoium has no position in any stocks mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings, or follow his CAPS picks at TMFFlushDraw.
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