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Goodrich Petroleum rises after completing La. well

Goodrich Petroleum rises after saying it completed oil well in eastern Louisiana

Associated Press

NEW YORK (AP) -- Shares of Goodrich Petroleum climbed Monday after the oil and gas company reported results from a new oil well in eastern Louisiana.

The Houston company said it completed a well in Tangipahoa Parish, La., and said the well has achieved peak production of 1,270 barrels of oil equivalent per day. The well is in the Tuscaloosa Marine Shale, which spans parts of Louisiana and western Mississippi.

Jefferies & Co. analyst Subash Chandra said the production is "encouraging," but said he won't take a more positive view on Goodrich shares until the company is returning those kinds of results consistently. He maintained a "Hold" rating and a price target of $14 per share.

Goodrich Petroleum Corp. stock rose $5.11, or 27.8 percent, to $23.51 in afternoon trading.