LAFAYETTE, La., March 18 /PRNewswire-FirstCall/ -- PetroQuest Energy,
Inc. (Nasdaq: PQUE - News) announced today that it was the apparent
high bidder on 7 blocks in the shallow waters of the Central Gulf
of Mexico in OCS Sale 194 conducted in New Orleans on March 16th.
The 7 blocks are located in the Main Pass Area, Eugene Island, North
Addition Area and in the Mobile Area. The Company bid the blocks at
various working interest levels with a total net exposure of $4.8
million if all of the blocks are ultimately awarded by the MMS. If
awarded, the blocks will add approximately 32,000 gross and 17,000
net acres to the Company's present offshore holdings of approximately
100,000 gross acres and 59,000 net acres.
"We were the apparent high bidders on seven of the nine blocks
that we pursued. The blocks represent a set of quality opportunities
that would augment an already strong inventory of drilling prospects,"
said Charles T. Goodson, Chairman, Chief Executive Officer and President.
About the Company
PetroQuest Energy, Inc. is an independent energy company engaged in
the exploration, development, acquisition and production of oil and
natural gas reserves in the Arkoma Basin, East Texas, South Louisiana
and the shallow waters of the Gulf of Mexico. PetroQuest trades on
the Nasdaq National Market under the ticker symbol "PQUE".
Forward-Looking Statements
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.
Source: PetroQuest Energy, Inc.
