News Release
Jane, looks like we are moving in the right direction. Anyone know what 40 net feet implies, good or bad?
Dave M
Monday November 9, 6:38 pm Eastern Time
Company Press Release
PetroQuest Energy, Inc. Announces Discovery at Turtle Bayou Field
LAFAYETTE, La.--(BUSINESS WIRE)--Nov. 9, 1998--PetroQuest Energy, Inc. (Nasdaq:PQUE - news; TSE:PQU - news) announced today that its CL&F No. 12 well at the Turtle Bayou Field was drilled to a total measured depth of 8,027 feet and encountered 40 net feet of natural gas/condensate pay over a gross interval from 6,620 feet to 7,290 feet.
The well is scheduled to be on production by mid December, 1998.
PetroQuest Energy is the operator of the well and owns a 40 percent working interest. It is the first well drilled since the merger with American Explorer, L.L.C. in September, 1998.
In addition, the Company will drill an exploratory test at its Snapper Prospect Offshore Texas OCS commencing in December, 1998. This well will be drilled before the previously announced well in the Valentine Field which is being evaluated for projected drilling in early 1999.
PetroQuest Energy is an independent oil and gas company headquartered in Lafayette, 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.
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Contact:
PetroQuest Energy, Inc.
Robert R. Brooksher, 318/232-7028
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