PetroQuest was founded in 1985 as a Gulf Coast oil and gas company. From 1985 to 2002 PetroQuest grew its reserves 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 into the Cotton Valley trend in East Texas, where it currently has approximately 52,000 gross acres in the Carthage Field.