PG...
Thanks for the article.
This might also be of interest to some:
<<<PetroQuest Well Tests at 20.3 MMcf Per Day at High Island Block A-494
LAFAYETTE, La.--(BUSINESS WIRE)--Feb. 8, 1999--PetroQuest Energy, Inc.'s
(Nasdaq:PQUE) (TSE:PQU.) Well No. C-1 at High Island Block A-494 has
tested at 20.3 million cubic feet of natural gas (MMcf) per day on a
31/64 -- inch choke with a flowing tubing pressure of 2,766 pounds per
square inch and shut in tubing pressure of 3,323 pounds per square inch.
PetroQuest is the operator and owns a 42 percent working interest. The
other significant owner is Callon Petroleum Company (NYSE:CPE) which
owns a 50 percent working interest.
The well was drilled to a total depth of 8,800' and encountered 207 feet
of gross hydrocarbon column with 80' of net natural gas pay in the Chris
S. Sand. The well was completed with a frac pac to improve completion
efficiency, minimize drawdown, and increase reserve recovery.
As an update, PetroQuest plans to drill the CL&F No. 13, a Hollywood
Sand test in the Turtle Bayou Field, Terrebonne Parish, La., in March.
It has also proposed to partners and anticipates drilling the 1st test
well as a result of the recently received 3-D seismic survey in
Valentine Field, Lafourche Parish, La., by early April. Combined, the
prospects have unrisked potential of 124 BCF of natural gas and 2.5
million barrels of condensate. PetroQuest expects to have a 35 percent
working interest in both of these wells.
PetroQuest Energy is an independent oil and gas company headquartered in
Lafayette, La., with an exploration office in Houston. It is engaged in
the exploration, development, acquisition and operation of oil and gas
properties in Louisiana and 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 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.
Charles T. Goodson, 318/ 232-7028
KEYWORD: LOUISIANA TEXAS
BW0359 FEB 08,1999
12:14 PACIFIC
15:14 EASTERN>>>>
Not being knowledgeable at ALL in this industry, would you mind lending
your opinion to this release, please?? and the prospects for
the stocks! TIA
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