LAFAYETTE, La., Oct. 26 /PRNewswire-FirstCall/ -- PetroQuest Energy,
Inc. (Nasdaq:
PQUE
-
News) announced
today its production for the third quarter of 2004 was 41.2 Mmcfe per
day net to the Company which is within its previously issued guidance
of 40-42 Mmcfe per day.
The majority of its Gulf of Mexico offshore facilities previously
evacuated and shut-in due to Hurricane Ivan have returned to full
operations. None of PetroQuest's facilities sustained significant
damage, but approximately 9.5-10 Mmcfe per day of net production from
the Main Pass 74 Field remains off-line due to downstream third-party
pipeline damage. The Company believes that the line could return to
full operations sometime in December, but is forecasting no production
from its Main Pass 74 Field during the fourth quarter. As such, the
Company estimates its fourth quarter 2004 net production at 33-35
Mmcfe per day, which is revised from its pre-storm fourth quarter
guidance of 42 - 44 Mmcfe per day.
"For the year 2004, revenue, income and cash flow per the Company's
mid- year internal forecast have not been materially affected by the
deferred production due to Hurricane Ivan as compared to the Company's
current internal forecast. This is primarily because of increased
commodity prices, anticipated increased commodity prices and forecasted
additional production from other fields," said Charles T. Goodson,
Chairman, Chief Executive Officer and President.
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.
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.
