FALCON at VERMILION NEWS:
PetroQuest Reports Gulf of Mexico Discovery At Vermilion Block 376
<<<LAFAYETTE, La.--(BUSINESS WIRE)--Dec. 15, 1999--PetroQuest Energy, Inc. (OTCBB: PQUE; TSE: PQU), today announced an oil and natural gas discovery on its Falcon Prospect in Vermilion Block 376.
Drilled to a total vertical depth of 5,900 feet, the Falcon Prospect logged 285 feet of gross hydrocarbon column (136 feet net) in six objective sands. PetroQuest is the operator of the discovery and owns a 43% working interest. The remainder of the ownership is comprised of private companies. Development plans are pending.
PetroQuest's CL&F No. 14, drilled earlier this year, is currently producing 7.5 million cubic feet of natural gas per day. Production to the sales line commenced in early December. Plans are to increase the daily rate gradually to 10 million cubic feet of natural gas per day. PetroQuest operates the well with an approximately 40% working interest.
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 Goodson, President, or
Robert R. Brooksher, Chief Financial Officer
318/232-7028
KEYWORD: LOUISIANA
BW0441 DEC 15,1999
11:05 PACIFIC
14:05 EASTERN |
