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PetroQuest Energy Announces Second Successful Well at Its Berry Lake ProspectLAFAYETTE, La., Jan. 6 /PRNewswire-FirstCall/ -- PetroQuest Energy, Inc.
(Nasdaq: PQUE
- News) reported today
a second successful well at its Berry Lake Prospect located in Iberville
Parish in South Central Louisiana. PetroQuest has a 71.5% working
interest and operates the well, which has been drilled and encountered
approximately 41 feet (TVD) of net productive sands. The well is being
completed with first production expected by the middle of February.
The Company anticipates that the well will produce at an initial gross
rate of approximately 750-1,000 barrels of oil per day.
"This is the second successful well we've drilled in our Atchafalaya Basin program area and the knowledge gained here further supports our geologic model of the area. We expect to begin drilling another well in the Atchafalaya Basin at our Murphy Castle Prospect in February," said Charles Goodson, PetroQuest's Chairman and Chief Executive Officer. "In addition to these operations, we are currently drilling a well at our Redfish Prospect with results expected by the end of January." PetroQuest Energy, Inc. is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Gulf Coast Basin, both onshore and in shallow waters offshore. This press 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 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 and in projecting future rates of production, the timing of development expenditures and drilling of wells, 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. Contact: PetroQuest Energy Inc. |
