PetroQuest Energy Updates Second Quarter 2014 Activities
LAFAYETTE, La., June 9, 2014
LAFAYETTE, La., June 9, 2014 /PRNewswire/ --PetroQuest Energy, Inc. (NYSE:
PQ) today provided an update on its second quarter operations.
The Company's Eagle Crest prospect located in Assumption Parish has reached
total depth. The Company has an approximate 47% net revenue interest in the
well, which logged a total of 29 net feet of oil pay in the Rob 3/Rob 1
formations. The well was recently completed and is expected to be online next
month at a gross daily production rate of approximately 300 - 500 barrels of
oil per day.
At the Thunder Bayou prospect, the Company is mobilizing a drilling rig to the
location and continues preparations to spud this high impact well at the end
of next week. The prospect has a proposed total depth of 21,000 feet, which
the Company expects to reach during the fourth quarter of 2014. The Company
has an approximate 50% working interest in the prospect.
The Company recently completed its PQ #10 (NRI - 41%) horizontal Cotton Valley
well. The PQ #10 well achieved a maximum 24-hour gross rate of 7,464 Mcf of
gas, 541 barrels of natural gas liquids and 74 barrels of oil. This represents
the highest initial production rate from any of the Cotton Valley wells
drilled by the Company since it commenced its operated horizontal drilling
program in and around the Carthage field during 2011.
The PQ #12 well (NRI- 80%) has been completed and is flowing back with initial
established production expected within one week. Additionally, the Company
expects to commence completion operations on its PQ #11 (NRI – 41%) well in
approximately two weeks, and the Company has reached total depth on its PQ #13
(WI – 100%) well and recently spud its PQ #14 (WI – 100%) and PQ #15 (WI –
The Company recently established production on two new wells in its West Relay
field. These two wells (average NRI – 36%) achieved an average maximum
24-hour gross rate of 3,636 Mcf of gas and 573 barrels of natural gas liquids.
In total, the Company has completed eleven wells in its West Relay field which
have achieved an average maximum 24-hour gross rate of 3,518 Mcf of gas and
564 barrels of natural gas liquids. The Company is currently completing three
additional wells which should be in the early stages of flowback within one
week. The Company is currently running one rig with plans to add a second rig
early in the third quarter.
The Company recently initiated the following commodity hedging transaction:
Production Period Type Daily Volumes Price
2015 Swap 5,000 Mmbtu $4.32
"We are very excited to be commencing our Thunder Bayou project, one of the
highest potential projects in our Company's history. If successful, this
project is expected to significantly impact our future production, reserve and
cash flow profiles," said Charles T. Goodson, Chairman, Chief Executive
Officer and President. "In addition, our Woodford and East Texas programs
continue to exceed our expectations as evidenced by our recent results and we
continue to expect to achieve Company records in 2014 for annual production
and year end proved reserves."
About the Company
PetroQuest Energy, Inc. is an independent energy company engaged in the
exploration, development, acquisition and production of oil and natural gas
reserves in the Arkoma Basin, Texas, South Louisiana and the shallow waters of
the Gulf of Mexico. PetroQuest's common stock trades on the New York Stock
Exchange under the ticker PQ.
This news release contains "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. These forward-looking statements
are subject to certain risks, trends and uncertainties that could cause actual
results to differ materially from those projected. Among those risks, trends
and uncertainties are our ability to integrate our acquisitions with our
operations and realize the anticipated benefits from the acquisitions, any
unexpected costs or delays in connection with the integration of the
acquisitions, our ability to find oil and natural gas reserves that are
economically recoverable, the volatility of oil and natural gas prices, the
uncertain economic conditions in the United States and globally, the declines
in the values of our properties that have resulted in and may in the future
result in additional ceiling test write-downs, our ability to replace reserves
and sustain production, our estimate of the sufficiency of our existing
capital sources, our ability to raise additional capital to fund cash
requirements for future operations, the uncertainties involved in prospect
development and property acquisitions or dispositions and in projecting future
rates of production or future reserves, the timing of development expenditures
and drilling of wells, hurricanes and other natural disasters, changes in laws
and regulations as they relate to our operations, including our fracing
operations or our operations in the Gulf of Mexico, and the operating hazards
attendant to the oil and gas business. In particular, careful consideration
should be given to cautionary statements made in the various reports
PetroQuest has filed with the Securities and Exchange Commission. PetroQuest
undertakes no duty to update or revise these forward-looking statements.
Click here for more information:
SOURCE PetroQuest Energy, Inc.
Contact: Matt Quantz, Manager - Corporate Communications, (337) 232-7028
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