E U R E K A !!! WE GOT PAYDIRT!!
PetroQuest Energy, Inc. Announces South Louisiana Discovery
LAFAYETTE, La.--(BUSINESS WIRE)--Sept. 2, 1999--PetroQuest Energy, Inc. (OTC BB: PQUE) (TSE: PQU) announced today that it has logged and is currently completing a discovery in Turtle Bayou Field in South Louisiana.
The CL&F #13 is a structurally high sidetrack to the original well drilled earlier this year, which encountered a 240' 1st Hollywood sand with hydrocarbon shows throughout. The CL&F #13 sidetrack penetrated the uppermost 34' feet of the sand section 130' structurally high to the original well and did not encounter a hydrocarbon water contact. The well penetrated 150' of hydrocarbon productive Hollywood section at a high angle, which will result in a high flow rate completion. The CL&F #13ST is located in a previously untested fault block. Additional development will be required to fully exploit the new reserves.
The CL&F #13 is the 2nd productive well of five wells to be drilled by PetroQuest resulting from a recently acquired 3-D seismic survey covering this property. PetroQuest is the operator of the discovery and owns a 40% working interest. The significant other owner is Vastar Resources (NYSE: VRI), which owns a 32.35% working interest. The well is expected to produce at a rate of 10 million cubic feet of natural gas per day with 200 barrels of condensate. Production to the sales line is estimated to commence by early October.
PetroQuest Energy, Inc. is an 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 and in 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.
CONTACT:
PetroQuest Energy, Inc., Lafayette
Charles T. Goodson, President
Robert R. Brooksher, Chief Financial Officer
318/232-7028
KEYWORD: LOUISIANA
BW0201 SEP 02,1999
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