LAFAYETTE, La., Dec. 23 /PRNewswire-FirstCall/ -- PetroQuest Energy,
Inc. (Nasdaq: PQUE - News) today announced that the Company has
acquired from a private company its interest in the Southeast Carthage
Field in East Texas for approximately $23 million. The Company expects
to allocate $1 million of the purchase price to unevaluated acreage.
In this transaction, PetroQuest estimates it is acquiring approximately
29 Bcfe of proved reserves of which 57% are proved developed and
69% are natural gas. The acquisition will initially add approximately
5.5 MMcfe per day to the Company's production and 13,500 net developed
acres and 8,500 net undeveloped acres to the Company's lease position.
The purchase was funded through the Company's existing credit facilities.
"This property strengthens our current asset base by adding
reserves that have a longer life than our current Gulf Coast reserves.
The reserve to production ratio of this property is approximately
14.5 years based on current production," said Charles T. Goodson,
Chairman and Chief Executive Officer. "There is also additional
probable and possible gas reserve potential which we expect will
provide additional upside to this transaction."
PetroQuest Energy, Inc. is an independent energy company engaged
in the exploration, development, acquisition and production of oil
and natural gas reserves in 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.
