PetroQuest was founded in 1985 as a Gulf Coast oil and gas company. From 1985 to 2002 PetroQuest grew its reserves to 69 Bcfe located principally onshore in Louisiana and offshore in the Gulf of Mexico. In 2003, PetroQuest implemented an asset diversification strategy to balance its Gulf Coast and Gulf of Mexico operations with longer lived, lower risk onshore properties. Using the cash flow generated from its Gulf Coast Basin assets, PetroQuest has expanded its asset portfolio to include properties in the Woodford and it has acquired a significant position in the East Texas Basin where it is pursuing both oil and gas potential.
The strategy has yielded significant results as PetroQuest has increased its reserves since 2002 to 178 Bcfe.