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

To: Dave M who wrote (283)	1/9/1999 1:36:00 PM
From: Ed Ajootian	Read Replies (2) \| Respond to of 686

Dave, I called the company yesterday and they clarified that the well has not actually been production tested yet. The 15,000 mcf figure is just what they are guessing from the amount of pay they found from the log. In another month or so we should find out the _real answer here. If it really tests out @ 15 mmcf a day that should be worth at least $.50 a share to this company IMO. Also, the 3D shoot on the Valentine dome has produced some exciting targets. This is gonna be an interesting company to follow this year. Now that they have hit their last two wells, they should have little problem farming out, on a promoted basis, their next set of wells. It also is a good sign that they are able to farm out stuff to the larger, more established companies such as Callon Petroleum. Those big boys didn't get where they are by farming into bad wells. One key question is whether the reserves from this latest well can get included in their '98 year-end reserves. The guy I talked to wasn't sure if it would. If it does we should see a healthy pop when those reserves are announced at the end of March. I was all set to buy this stock on Friday but when I saw it open flat I lost my guts and held out. There obviously is a big seller out there and I'm tempted to hang on the sidelines until he's done. The other thing we gotta always be concerned about now is the weakness in nat. gas prices. This latest warm spell in the Northeast is not gonna help any (I just went outside (Boston) and all I needed was a sweater! All told I really think the next few weeks are gonna be the time to buy this stock.