Read this if you ever doubt the ability of price to bring supply to market!PetroQuest Energy Announces 100% Average Daily Production Increase From Year-End 2000
LAFAYETTE, La.--(BUSINESS WIRE)--June 7, 2001--PetroQuest Energy, Inc. (Nasdaq:PQUE - news) announced today current average daily production net to the Company of approximately 42,000 Mcfe per day which represents an increase of 100% from the 21,000 Mcfe per day previously announced as the year-end 2000 production exit rate.
With no additional exploration success, the Company plans to maintain this average daily production rate through the end of the year. Recent production increases include wells No. 1 and No. 2 at the Jaguar Prospect at Eugene Island Block 147 which commenced production at a combined rate of 4,500 Mcfe per day net to the Company. In addition, at the Ship Shoal 72 Field, the No. 17 well at the Chardonnay Prospect began producing at 7,000 Mcfe per day net to the Company, and the No. 6 well at the Sauvignon Blanc Prospect began producing at a net rate to PetroQuest of 3,500 Mcfe per day.
PetroQuest Energy, Inc. is an independent oil and gas exploration and production company primarily focused on growing its reserves and shareholder value through a combination of drilling development locations and high-potential exploration prospects along the coast of and in the Gulf of Mexico.
This press release contains ``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. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are our estimate of the sufficiency of our existing capital sources, our ability to raise additional capital to fund cash requirements for future operations, the uncertainties involved in estimating quantities of proved oil and natural gas reserves and in projecting future rates of production, the timing of development expenditures and the operating hazards attendant to the oil and gas business. In particular, careful consideration should be given to cautionary statements made in the various reports PetroQuest has filed with the Securities and Exchange Commission. PetroQuest undertakes no duty to update or revise these forward-looking statements.
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Contact:
PetroQuest Energy, Inc., Lafayette
Robert R. Brooksher, 337/232-7028 |
