PetroQuest Energy, Inc (PQUE and T.PQU) Message Board

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Gold/Mining/Energy : PetroQuest Energy, Inc (PQUE and T.PQU)

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To: Dave M who wrote (337)	5/16/1999 7:49:00 PM
From: Ed Ajootian	Read Replies (2) of 686

Dave M, Something tells me the Missus is gonna have a huge smile on her face when she takes a look at your brokerage statement for June. Latest is that they've spudded both of those offshore wells that are mentioned in the annual report. They apparently are not too deep since the first could hit total depth pretty soon. These will not have a huge impact on cash flow and reserves (they only own a 5% interest in the wells) but they will go a long way toward establishing a successful track record for the PQUE exploration team. Other reasons why the stock will move by 6/30 are that they are gonna start production of the High Island offshore well in early June and ought to put out a release after that baby has started cranking. Plus, they finally got a sucker to farm in to Turtle Bayou so the next well there should spud sometime late May/early June. Regarding short-term price action, Friday's action was encouraging but not conclusive of a true rally IMO. There was one huge trade for 150,000 shares included in the 168,000 total volume. Until there is a broad-based rally I can't conclude that this stock has really broken out of its trading range of $.625 to $.875. I'm gonna stay on the sidelines one more day and see what happens. I already own a fair amount of this stock so it would not be the end of the world if it runs away from me here.

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