PetroQuest Energy , Inc. Announces CL&F #12 Begins Production LAFAYETTE - December 9, 1998 - PetroQuest Energy, Inc. (OTC BB: PQUE) (TSE:PQU) announced today that it has completed the flow line and hook up of the CL&F #12 in the Turtle Bayou Field. The well is producing at a rate of 3,000 MCF of gas and 30 barrels of condensate per day. It was originally drilled to a total measured depth of 8,027 feet and encountered 40 net feet of natural gas/condensate pay over a gross interval from 6,620 feet to 7,290 feet. PetroQuest Energy is the operator of the well and owns a 40% working interest. In addition, the Company expects its exploratory test at its Snapper Prospect Offshore Texas OCS to begin drilling on or about December 20, 1998. PetroQuest Energy is an independent oil and gas company headquartered in Lafayette, Louisiana, and is engaged in the exploration, development, acquisition and operation of oil and gas properties in Louisiana and the Gulf of Mexico. It is the result of the merger of Optima Petroleum Corporation and American Explorer, L.L.C. which was closed September 1, 1998. This press release includes certain statements that may be deemed to be "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. All statements other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future, including drilling of wells, reserve estimates, future production of oil and gas, future cash flows and other such matters are forward-looking statements. Such forward-looking statements are subject to certain risks, uncertainties and other factors, which could cause actual results to differ materially from those currently anticipated. These factors include, without limitation, uncertainties inherent in estimating proven oil and gas reserves, future rates of production and timing of development expenditures; results of exploratory and development drilling; operating hazards attendant to the oil and gas business; the successful identification, acquisition and development of properties; and changes in the price received for oil and/or gas which may effect results of operations and cash flows. Readers are cautioned that any such statements are not guarantees of future performance and the company can give no assurances that actual results or developments will not differ materially from those projected in the forward-looking statements.