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Gold/Mining/Energy : PetroQuest Energy, Inc (PQUE and T.PQU) -- Ignore unavailable to you. Want to Upgrade?

To: andrew r harwood who wrote (370)	7/14/1999 1:46:00 PM
From: Toni Wheeler	Read Replies (2) \| Respond to of 686

AHAHAAA.... PetroQuest Energy, Inc. Announces Gulf of Mexico Discovery and Operations Update LAFAYETTE, La.--(BUSINESS WIRE)--July 14, 1999--PetroQuest Energy, Inc. (OTC BB: PQUE)(TSE:PQU), a fast-growing independent oil and gas company focused along and in the Gulf of Mexico, today announced a natural gas discovery on its Hawk Prospect in Vermilion Block 375. Drilled to a total vertical depth of 5,578 feet, the Hawk Prospect logged 590 feet of gross hydrocarbon pay (425 net) in the objective Trim "A" sand. Development plans are pending. PetroQuest owns a 5% working and net revenue interest. Privately held Spinnaker Exploration of Houston, Texas, is the operator with a 70% working interest and Cheyenne International Corporation of Oklahoma City, Oklahoma, has the remaining 25%. PetroQuest President Charles Goodson said: "Hawk represents our commitment to offshore Gulf of Mexico exploration. Our Houston exploration team was integral in this discovery, from assimilation and interpretation of the geophysical data to assembly of blocks to bringing on great partners in Spinnaker Exploration and Cheyenne International." OPERATIONS UPDATE The Snapper discovery (High Island Block A494 C-1) was brought online July 2 and is producing at a rate of 15 million cubic feet (MMcf) of gas per day. The Company operates the well and has a 42% working interest in the field. PetroQuest began drilling the CL&F No. 13 well in its Turtle Bayou Field on July 4. The Company operates the well with a 40% working interest. A total of eight wells have been successfully drilled and completed in Turtle Bayou Field by the Company or its predecessor. The Company exited the June 1999 quarter producing approximately 7 MMcf equivalent per day. The High Island Block A494 C-1 well increases production by 62% to 11.4 MMcf equivalent per day. Final second-quarter figures will be released on or about August 16. 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 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 Goodson, President Robert R. Brooksher, Chief Financial Officer 318/232-7028 KEYWORD: LOUISIANA BW1366 JUL 14,1999 9:59 PACIFIC 12:59 EASTERN