Thursday March 3, 2008
LAFAYETTE, La., March 3 /PRNewswire-FirstCall/ -- PetroQuest Energy, Inc. (NYSE: PQ - News) announced today a discovery at its Pelican Point prospect located in Terrebonne Parish in Southeast Louisiana. The Company has an approximate 22% net revenue interest in the well which logged approximately 147 feet of net pay in the primary Rob L objective. Casing has been run to the well's total depth of 18,970 feet true vertical depth and the well is currently being completed. Production is expected to begin within two to three months at an initial gross rate of approximately 20,000 Mcfe per day.
"We are very excited about the Pelican Point prospect and are pleased to start 2008 with a significant exploration discovery. I am extremely proud of our Gulf Coast team that has worked tirelessly to make this project come to fruition," said Charles T. Goodson, Chairman, Chief Executive Officer and President. "This type of success reinforces our business plan of utilizing the cash flow from our high margin Gulf Coast projects to accelerate our penetration into our predictable and repeatable long-lived basin programs."
Forward-Looking Statements
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 find oil and natural gas reserves that are economically recoverable, the volatility of oil and natural gas prices, declines in the values of our properties resulting in 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 estimating quantities of proved oil and natural gas reserves, in prospect development and property acquisitions or dispositions and in projecting future rates of production, the timing of development expenditures and drilling of wells, hurricanes and other natural disasters, 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.
