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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: lebo who wrote (5996)	1/7/1999 3:29:00 PM
From: Tim Luke	Read Replies (1) \| Respond to of 90042

ompt..hold for 20's asnd..hold for earnings and target of mid 80's xyln..hold for target of mid-30's...adding at 19 1/8 now

To: lebo who wrote (5996)	1/7/1999 3:32:00 PM
From: Toni Wheeler	Read Replies (2) \| Respond to of 90042

FYI....for those so inclined towards natural gas/oil drilling discoveries: PetroQuest Energy Inc. Announces Gulf of Mexico Discovery LAFAYETTE, La.--(BUSINESS WIRE)--Jan. 7, 1999--PetroQuest Energy Inc. (NASDAQ:PQUE) (TSE:PQU.) announced today that it has logged and is currently completing a significant discovery in the Western Gulf of Mexico. The PetroQuest Energy Inc. OCS G 3244 High Island Block A-494 Well No. C-1, Offshore Texas (Snapper Prospect) reached a total depth of 8,800' TVD and encountered 207 feet gross hydrocarbon column with 80' of net natural gas pay in the objective Cris. S. Sand. PetroQuest is the operator of the discovery and owns a 42 percent working interest. The other significant owner is Callon Petroleum Company (NYSE:CPE) which owns 50 percent working interest. PetroQuest is currently readying facilities capable of handling initial production rates of 15 million cubic feet of gas per day. Production to sales line is expected to commence by early June. As an update, PetroQuest reports that on Nov. 1, 1998, it has completed an 86 square mile 3-D seismic survey across its core property in the Valentine Field, Lafourche Parish, La. This program represents the first 3-D seismic survey ever undertaken over the Valentine Salt Dome. The company as operator holds a 42.75 percent working interest in 25,000 acres of oil and gas leases and lease options in partnership with a major energy company. This field has produced over 1 trillion cubic feet of natural gas equivalents. Numerous drill targets have now been identified with drilling expected to commence in the second quarter of 1999. 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 (deleted for space saving) CONTACT: PetroQuest Energy Inc. Charles T. Goodson, 318/232-7028 KEYWORD: NEW YORK LOUISIANA TEXAS BW0185 JAN 07,1999 11:53 PACIFIC 14:53 EASTERN