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UPDATE 1-Goodrich Petroleum confirms subpoenas
August 18, 2011 / 10:08 PM / 6 years ago

UPDATE 1-Goodrich Petroleum confirms subpoenas

* SEC, NY seek info on Haynesville wells

* Goodrich says met required disclosures

HOUSTON, Aug 18 (Reuters) - Goodrich Petroleum Corp GDP.N said on Thursday it received subpoenas from New York’s attorney general and the U.S. Securities and Exchange Commission seeking information on some of its natural gas shale wells and reserves.

“The company is confident that its disclosures relating to its Haynesville Shale wells and reserves meet all applicable legal requirements,” Goodrich said in a statement.

The Houston oil and gas company also said all of its proved reserve estimates have been prepared in accordance with all applicable SEC regulations by an independent petroleum engineering firm.

New York Attorney General Eric Schneiderman has sent subpoenas to three energy companies seeking information about the profitability of their natural gas wells, a source close to the investigation told Reuters on Thursday. [ID:nN1E77H13M]

Those companies included Goodrich, Range Resources Corp (RRC.N) and Cabot Oil and Gas Corp (COG.N). Information was also requested from Chesapeake Energy Corp (CHK.N), the source told Reuters.

Goodrich believes the subpoenas were the result of a series of articles in the New York Times that accused companies of misleading investors about shale gas well output. [ID:nLDE75Q07B]

Quicksilver Resources Inc KWK.N and EXCO Resources Inc (XCO.N) have also received subpoenas from the SEC that seek information on shale gas production and economics. [ID:nN1E7790I8]. (Reporting by Anna Driver in Houston; editing by Andre Grenon)

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