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PetroQuest Energy Posts 72% Growth in Reserves, 527% Reserve Replacement Rate for 2000LAFAYETTE, La.--(BUSINESS WIRE)--Feb. 15, 2001--PetroQuest Energy, Inc. (Nasdaq:PQUE - news) announced today that it ended 2000 with proved reserves of 48.8 billion cubic feet equivalent (Bcfe) of natural gas and a reserve replacement rate of 527%. This represents an increase of 72% over 1999 year-end proved reserves of 28.3 Bcfe. At December 31, 2000, the Company's independent petroleum engineers estimated the net present value, excluding income taxes, of these reserves, using prices in effect as of year-end 2000, and discounted 10%, at $256.9 million. This represents a 496% increase from $43.1 million at the end of 1999. Reserve additions from drilling and acquisitions, including revisions, equaled 25.3 Bcfe and represents a reserve replacement rate equal to 527% of the Company's 2000 production of approximately 4.8 Bcfe. The 2000 reserve increase is the result of the Company's successful drilling program onshore and offshore in the Gulf Coast Region, as well as the acquisition of the Ship Shoal 72 Field. PetroQuest Energy, Inc. is an independent oil and gas exploration and production company focused primarily on growing its reserves, production and shareholder value through a combination of drilling development locations and high-potential exploration prospects along the coast of and in the Gulf of Mexico. This press release includes certain statements that may be deemed to be ``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. All statements other than statements of historical facts included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future, including drilling of wells, reserve estimates, future production of oil and gas, future cash flows and other such matters are forward-looking statements. Such forward-looking statements are subject to certain risks, uncertainties and other factors, which could cause actual results to differ materially from those currently anticipated. These factors include, without limitation, uncertainties inherent in estimating proven oil and gas reserves, future rates of production and timing of development expenditures; results of exploratory and development drilling; operating hazards attendant to the oil and gas business; the successful identification, acquisition and development of properties; and changes in the price received for oil and/or gas which may affect results of operations and cash flows. Readers are cautioned that any such statements are not guarantees of future performance and the company can give no assurances that actual results or developments will not differ materially from those projected in the forward-looking statements. Contact: PetroQuest Energy, Inc., Lafayette
Robert R. Brooksher, 337/232-7028
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