LAFAYETTE, La., Aug. 15 /PRNewswire-FirstCall/ -- PetroQuest Energy, Inc. (NYSE: PQ - News) announced today that production has been restored in its Main Pass 74 field. The Company is currently ramping up production, which is expected to be back at pre-shut in rates within a few days. The Main Pass field, which comprised approximately 16% of the Company's total second quarter production, has been shut in due to mechanical problems with a third party pipeline that occurred two weeks ago.
"We are pleased with the restoration of production at Main Pass, and we anticipate producing at record rates as a Company in the near future," said Charles T. Goodson, Chairman, Chief Executive Officer and President. "We will never be able to entirely avoid risks related to our oil and gas production. However, we have continued to grow production while diversifying into longer-lived basins and disposing of approximately 60% of our offshore fields, which has dramatically reduced our exposure to the Gulf Coast basin."
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 New York Stock Exchange under the ticker PQ.
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 ability to find oil and natural gas reserves that are economically recoverable, the volatility of oil and natural gas prices, declines in the values of our properties resulting in ceiling test write-downs, our ability to replace reserves and sustain production, 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 or dispositions and in projecting future rates of production, the timing of development expenditures and drilling of wells, hurricanes and other natural disasters, 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.
