News Release out...nice!
New Kid on the Block PetroQuest Energy, Inc. Has Much to Drill For
DENVER, Aug. 10 /PRNewswire/ -- PetroQuest Energy, Inc. (OTC Bulletin Board: PQUE) (Toronto: PQU), a fast-growing independent oil and gas company focused along and in the Gulf of Mexico, today provided attendees of The Oil & Gas Conference with an update of recent discoveries and the company's outlook for their operations and the ever-changing oil and gas industry. Representing PetroQuest were Charles T. Goodson, co-founder, president and chief executive officer and Robert R. Brooksher, chief financial officer.
(Photo: newscom.com )
Mr. Goodson, describing the company's genesis in September 1998, said, "We've come a long way as a newly-minted, small-cap independent. But don't let our size fool you. We have assembled a team of geologists and engineers from major oil companies and large independents that have found more than two trillion cubic feet of gas during their careers." Goodson opened the technical portion of his presentation with a discussion of the company's activity in two core areas, Turtle Bayou and Valentine Fields, located in South Louisiana's Middle Miocene Trend.
PetroQuest has experienced recent drill bit success, discovering new reserves on the Snapper C-1 well (42% working interest) on High Island Block A494 and Hawk (5% WI) on Vermilion Block 375. The Snapper well tested at 20.3 million cubic feet (MMcf) per day in January 1999 and is producing today at a rate of 15 MMcf per day. The company's partner is Natchez, MS-based Callon Petroleum (NYSE: CPE). About the Hawk discovery Goodson said, "We developed this project in early 1999. Our early estimate is this discovery has about 150 billion cubic feet equivalent (Bcfe) of gross unrisked reserves to develop. When you compare it to our year-end 1998 reserve base of 13.8 Bcfe, it's clear Hawk will have a meaningful impact on our future."
The company's sizable inventory of seismic data, leasehold acreage and drillable prospects attracts larger independents such as Vastar Resources (NYSE: VRI) and Burlington Resources (NYSE: BR) as partners. The company has a prospect inventory of 330 Bcfe of net unrisked reserves. Goodson concluded his presentation with an overview of the company's Eugene Island and Ship Shoal prospects.
Mr. Brooksher, outlining the company's accomplishments since becoming a publicly traded independent in September 1998, said, "Our strategy is to control as much of our daily production in a fiscally prudent manner. We have an extremely flexible balance sheet that will allow us to capture new opportunities in and around our existing production. The company is seeing a significant increase in daily production and monthly cash flow rates with drilling success and improving commodity prices." PetroQuest exited the June 1999 quarter producing approximately 7 MMcf equivalent per day. The company estimates the Snapper discovery has increased daily production by 62% to 11.4 MMcf equivalent.
SOURCE PetroQuest Energy, Inc.
CO: PetroQuest Energy, Inc.
ST: Colorado
IN: OIL
SU:
08/10/99 15:00 EDT prnewswire.com |
