That plus today's BW was only worth a 1/4? -Bob
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PetroQuest Energy Announces Further Confirmation of Reserves At
Its Falcon Prospect
Business Editors
LAFAYETTE, La.--(BUSINESS WIRE)--June 26, 2000--PetroQuest Energy, Inc. (Nasdaq:PQUE)(TSE:PQU) today announced further confirmation of previously estimated oil and gas reserves from its No. 3 well at its Falcon Prospect in Vermilion Block 376, offshore Louisiana in the Gulf of Mexico.
The No. 3 delineation well was drilled to a true vertical depth of 4,489 feet, logging 86 feet of gross hydrocarbon column (59 net feet) in the S2 Sand. These reserves were classified as proved undeveloped at December 31, 1999. In addition, 26 feet of gross hydrocarbon column (15 net feet) was logged in the S1 Sand. Reserves attributable to the S1 sand were not included in year-end 1999 reserves. Fabrication of a production platform is in progress with first production expected early in the fourth quarter of 2000. PetroQuest is operator of the project and owns a 43% working interest.
Operations Update
The Valentine Sugars No. 1 has been completed in the Southcoast 2L Sand and is producing at approximately 3,000 Mcf per day. This zone was previously thought to be depleted and represents an additional 64 feet of gross hydrocarbon pay (46 net feet) to the 290 gross feet (230 net feet) previously reported. The Company is the operator of this well with a 40% working interest.
The CL&F No. 15 at the Turtle Bayou Field has drilled through its primary objective, the Hollywood Sand. It has logged 145 feet of gross Hydrocarbon pay (108 net feet). The well is currently drilling for secondary objectives. PetroQuest owns a 43% working interest and operates the well. Upon completion of the CL&F No. 15, the Company plans to move the rig and begin drilling the CL&F No. 16.
PetroQuest began drilling its Jaguar Prospect in early May and this well remains in progress. The project at Eugene Island Block 147 (Central Gulf of Mexico, OCS) is a multi-well, Lower Pliocene / Upper Miocene test. PetroQuest is operator with a 36.5% working interest.
PetroQuest as operator plans to begin drilling the Orca Prospect in Amite County, Mississippi, in July 2000 targeting the fractured Tuscaloosa Marine Shale.
Charles T. Goodson, Chief Executive Officer, stated: "The success of the No. 3 well at Vermilion Block 376 represents an important step in the overall development of our Falcon Prospect. Once on line, the No. 3 well production coupled with production from the CL&F No. 15 will significantly increase the daily net production of the Company from reported first-quarter levels."
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. |
