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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Douglas V. Fant who wrote (37092)	2/9/1999 3:43:00 AM
From: Toni Wheeler	Respond to of 95453

Doug.... Not being knowledgeable at ALL in this industry, would you mind lending your opinion to the following release, please?? and the prospects for the stocks! TIA 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>>>>

To: Douglas V. Fant who wrote (37092)	2/9/1999 7:20:00 AM
From: dealmakr	Read Replies (1) \| Respond to of 95453

Doug, GE business focus is to be either number 1 or a strong number 2 in each business area. This bodes well for this future relationship with WFT. Selling covered calls IMO is an excellent way to generate some good returns with the sector trending at these levels. Some examples; RIG @ 24 13/16 RIGBE (RIG Feb 25 Call) 1- 1 1/8 Return in 9 days about 4.2% Downside protection of RIG 23 13/16 WFT @ 18 7/8 WFTBD (WFT Feb 20 Call) 7/16-11/16 Return in 9 days about 2.5% Downside protection of WFT 18 7/16 These may be improved on during intraday volatility. WFT merger with Christiana and earnings may produce some volatility over the next few days if the arb boys play and will wait until after earnings before entering thoughts about position. One thing that bothers me greatly the more that I ponder it is the loss of all of that production in this country due to the low price of crude. Even though I believe in the free market system of price determination, tough times and the permanent shutting in of production capacity doesn't bode well for this countries future strategicly for this resource. I hope that government on the state and federal levels gets their act together to provide some better releif and support for those folks that really need it. A strong national exploration and production business is in the countries best interest as more and more dependance on foreign oil could subject us all to events beyond our control. Those that don't learn from the past are sure as hell doomed to repeat it JMHO. Just my .02 Dave