LAFAYETTE, La., Nov. 16 /PRNewswire-FirstCall/ -- PetroQuest Energy,
Inc. (Nasdaq:
PQUE
-
News) announced
today that it is increasing its fourth quarter production guidance to
35-37 Mmcfe per day from its previously issued guidance of 33-35 Mmcfe
per day. This increase is primarily the result of higher than expected
production rates related to recent recompletions at its Ship Shoal 72
Field.
Also, based on additional information from the operator of the pipeline
that transports gas from its Main Pass 74 Field, the Company now believes
that operations could resume during February 2005. Additionally, the
Company projects its first quarter 2005 net production at 40-44 Mmcfe
per day which assumes production will resume from the Main Pass 74
Field on March 1, 2005.
"As previously announced, we have forecasted no production from our
Main Pass 74 Field during the fourth quarter of 2004," said Charles
T. Goodson, Chairman, Chief Executive Officer and President. "In addition,
this deferred production results in no change to the Company's previously
planned capital program."
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.
