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<<<PetroQuest Energy Inks New Partners in Valentine Field and Announces New Production in Turtle Bayou Field
LAFAYETTE, La.--(BUSINESS WIRE)--Oct. 25, 1999--"We're entering an exciting period of exploration and production at PetroQuest Energy, Inc. (OTCBB: PQUE; TSE: PQU)," said Charles Goodson, president and chief executive officer. "We've increased production almost 100% since the second quarter of 1999, added 8.9 billion cubic feet equivalent of new reserves from significant discoveries on Snapper (High Island A494 C-1), Turtle Bayou and Hawk (Vermilion Block 375). Today we are announcing a new working interest partner is joining us to explore and develop our Valentine Field."
Valentine Field
As reported on September 8, PetroQuest increased operating control in its Valentine Field (working interest percentage: 100 percent) through the purchase of Phillips Petroleum Company's (NYSE:P) interest. The Company announced today it has reached a definitive agreement with Samson Resources Company, a Tulsa-based independent, whereby PetroQuest has sold to Samson, for an undisclosed price, a 50 percent working interest in the field. The Valentine Field, located in LaFourche Parish, La., has produced in excess of 1 trillion cubic feet equivalent of natural gas. Drilling of the first well in the field to be drilled as the result of interpretation of the 3-D seismic survey will begin before the end of November. PetroQuest, as operator, and its partner intend to test multiple horizons, including the deep KK, LL and Cib Op Sands.
Turtle Bayou
PetroQuest's CL&F No. 13 well, drilled earlier this year is producing at a daily rate of 10 million cubic feet of natural gas and 380 barrels of condensate. Production to the sales line commenced in early October. PetroQuest operates the well with a 40 percent working interest. Its largest working interest partner (32.25 percent) is Vastar Resources, Inc. (NYSE:VRI).
Daily Production
The company exited the September 1999 quarter producing approximately 11 MMcf equivalent per day, up 60% from the second quarter of 1999. Production from the CL&F No. 13 should increase this to approximately 14 MMcf equivalent per day. Final third quarter figures will be released on or about November 15.
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. The Company has offices in Lafayette, Louisiana and Houston, Texas.
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 developmental 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 Goodson, President
Robert R. Brooksher, Chief Financial Officer
318/232-7028
KEYWORD: LOUISIANA TEXAS
BW0476 OCT 25,1999
10:30 PACIFIC
13:30 EASTERN>>> |
