CORPORATE HISTORY / STRATEGY
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 Fayetteville Shale plays in the Arkoma Basin 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 results as PetroQuest has more than doubled reserves since 2002 to 193 Bcfe. The Company is focused on continuing to expand its onshore operations with approximately 75% of its 2011 capital expenditure budget allocated to East Texas, the Arkoma Basin, the Eagle Ford and Niobrara plays.