PetroQuest Energy, Inc. Announces Two Apparent High Bids in Central Gulf Offshore Lease Sale LAFAYETTE, La.--(BUSINESS WIRE)--March 29, 2001--PetroQuest Energy, Inc. (Nasdaq:PQUE - news) announced today that it was the apparent high bidder on West Cameron Block 402 and Ship Shoal Block 78 in the Central Gulf Federal Outer Continental Shelf Lease Sale 178, which was held March 28, 2001. If awarded, the two blocks will add 10,000 gross acres and 5,000 net acres to the Company's present offshore holdings of approximately 104,000 gross acres and 53,000 net acres. It will also raise to 23 the number of offshore blocks in which the Company has an interest. PetroQuest Energy, Inc. is an independent oil and gas exploration and production company primarily focused on growing its reserves 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, La. Robert R. Brooksher, 337/232-7028