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PetroQuest Energy, Inc. Announces South Louisiana Project Acquisition
LAFAYETTE, La.--(BUSINESS WIRE)--Sept. 8, 1999--PetroQuest Energy, Inc. (OTC BB: PQUE; TSE:PQU) announced today that it has completed the acquisition for an undisclosed price of Phillips Petroleum Company's interest in the PetroQuest-operated Valentine Field Project in Lafourche Parish, Louisiana.
With this acquisition, PetroQuest will own approximately 95% of this project.
The Valentine Field has produced in excess of 1 Tcfe of natural gas and prior to PetroQuest's involvement had virtually no seismic data. PetroQuest and Phillips jointly shot an 86-square-mile 3-D survey over this prolific South Louisiana salt dome prospect in 1998. PetroQuest has included three wells in this field to be drilled in its 1999/2000 drilling program.
PetroQuest anticipates reaching a daily production rate of 14 million cubic feet equivalent in October 1999, which represents a 100% increase from the daily rate in the second quarter of the year. The Company operates 87% of its daily production.
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
BW0251 SEP 08,1999
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