FIELD ACTIVITIES / PetroQuest Energy, Inc. Announces Gulf of Mexico
Discovery
TSE SYMBOL: PQU
NASDAQ SYMBOL: PQUE
JANUARY 7, 1999
LAFAYETTE, LOUISIANA--PetroQuest Energy Inc. (NASDAQ: PQUE; TSE:
PQU) announced today that it has logged and is currently
completing a significant discovery in the Western Gulf of Mexico.
The PetroQuest Energy, Inc. OCS G 3244 High Island Block A-494
Well No. C-1, Offshore Texas (Snapper Prospect) reached a total
depth of 8,800' TVD and encountered 207 feet gross hydrocarbon
column with 80' of net natural gas pay in the objective Cris. S.
Sand. PetroQuest is the operator of the discovery and owns a 42
percent working interest. The other significant owner is Callon
Petroleum Company (NYSE: CPE) which owns 50 percent working
interest. PetroQuest is currently readying facilities capable of
handling initial production rates of 15 million cubic feet of gas
per day. Production to sales line is expected to commence by
early June.
As an update, PetroQuest reports that on November 1, 1998 it has
completed an 86 square mile 3-D seismic survey across its core
property in the Valentine Field, Lafourche Parish, Louisiana.
This program represents the first 3-D seismic survey ever
undertaken over the Valentine Salt Dome. The company as operator
holds a 42.75 percent working interest in 25,000 acres of oil and
gas leases and lease options in partnership with a major energy
company. This field has produced over 1 trillion cubic feet of
natural gas equivalents. Numerous drill targets have now been
identified with drilling expected to commence in the second
quarter of 1999.
PetroQuest Energy is an independent oil and gas company
headquartered in Lafayette, Louisiana, with an exploration office
in Houston, Texas. It is engaged in the exploration, development,
acquisition and operation of oil and gas properties in Louisiana
and the Gulf of Mexico.
This press release includes certain statements that may be deemed
to be "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. All statements
other than statements of historical facts, included in this press
release that address activities, events or developments that the
company expects, believes or anticipates will or may occur in the
future, including drilling of wells, reserve estimates, future
production of oil and gas, future cash flows and other such
matters are forward-looking statements. Such forward-looking
statements are subject to certain risks, uncertainties and other
factors, which could cause actual results to differ materially
from those currently anticipated. These factors include, without
limitation, uncertainties inherent in estimating proven oil and
gas reserves, future rates of production and timing of development
expenditures; results of exploratory and development drilling;
operating hazards attendant to the oil and gas business; the
successful identification, acquisition and development of
properties; and changes in the price received for oil and/or gas
which may effect results of operations and cash flows. Readers
are cautioned that any such statements are not guarantees of
future performance and the company can give no assurances that
actual results or developments will not differ materially from
those projected in the forward-looking statements. |
