FIELD ACTIVITIES / PetroQuest Energy Announces Fourth Quarter Drilling
Plans
TSE SYMBOL: PQU
NASDAQ SYMBOL: PQUE
OCTOBER 6, 1998
LAFAYETTE, LOUISIANA--PetroQuest Energy, Inc. (NASDAQ:PQUE;
TSE:PQU) announces its plans to drill two exploratory wells based
on 3-D computer enhanced data in the fourth quarter. Drilling of
the first well is expected to begin in late October. It is to be
drilled in the Company's Turtle Bayou Field and if successful is
expected to be on production by January 1999. The second well
will commence drilling in December in the Valentine Field where
recent 3-D seismic data is available. If successful, this well
would be on production by March 1999. In addition, two wells are
being evaluated for projected drilling in late 1998 or early 1999.
PetroQuest Energy is an independent oil and gas company
headquartered in Lafayette, Louisiana, and is engaged in the
exploration, development, acquisition and operation of oil and gas
properties in Louisiana and the Gulf of Mexico. It is the result
of the merger of Optima Petroleum Corporation and American
Explorer, L.L.C. which was closed September 1, 1998.
Certain matters discussed in this press release are
"forward-looking statements" intended to qualify for the safe
harbors from liability established by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
can generally be identified as such because the context of the
statement will include words such as the company "believes,"
"anticipates," "expects" or words of similar import. Similarly,
statements that describe the company's future plans, objectives or
goals are also forward-looking statements. Such forward-looking
statements are subject to certain risks and uncertainties which
could cause actual results to differ materially from those
currently anticipated. A description of such forward-looking
statements can be found in the company's periodic reports filed
with the Securities and Exchange Commission. Shareholders,
potential investors and other readers are urged to consider these
factors carefully in evaluating the forward-looking statements and
are cautioned not to place undue reliance on such forward-looking
statements. The forward-looking statements made herein are only
made as of the date of this press release and the company
undertakes no obligation to publicly update such forward-looking
statements to reflect subsequent events or circumstances. |
