PetroQuest Energy Announces 54% Growth in Reserves for the First Half of 2001 and Increase in Borrowing Base to $50 Million LAFAYETTE, La.--(BUSINESS WIRE)--July 18, 2001--PetroQuest Energy, Inc. (Nasdaq:PQUE - news) announced today that the Company ended the first half of 2001 with proved reserves of 75 billion cubic feet equivalent (Bcfe) of natural gas representing an increase of 54% over 2000 year-end proved reserves of 48.8 Bcfe. The current reserve mix is 52% natural gas and 48% oil. At June 30, 2001, the Company's independent petroleum engineers estimated the net present value of proved reserves, excluding income taxes, using prices in effect as of that date, and discounted at 10%, at $135.8 million. Reserve additions from drilling and acquisitions, including revisions, equaled 31.4 Bcfe and represent a reserve replacement rate equal to 604% of the Company's 2001 six month production of approximately 5.2 Bcfe. In addition, the Company's borrowing base under its $100 million commercial bank credit facility has been increased from $36 million to $50 million. Availability under this facility is currently $18.4 million. 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 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 and in projecting future rates of production, the timing of development expenditures 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., Laffayette, La. Robert R. Brooksher, 337/232-7028