PetroQuest Energy , Inc. Announces Well Tests at 20.3 MMcf Per Day at High Island Block A-494 LAFAYETTE - February 8, 1999 - PetroQuest Energy, Inc. (OTC BB: PQUE) (TSE:PQU) Well #C-1 at High Island Block A-494 has tested at 20.3 million cubic feet of natural gas (MMcf) per day on a 31/64 - inch choke with a flowing tubing pressure of 2,766 pounds per square inch and shut in tubing pressure of 3,323 pounds per square inch. PetroQuest is the operator and owns a 42% working interest. The other significant owner is Callon Petroleum Company (NYSE: CPE) which owns a 50% working interest. The well was drilled to a total depth of 8,800' and encountered 207 feet of gross hydrocarbon column with 80' of net natural gas pay in the Chris S. Sand. The well was completed with a frac pac to improve completion efficiency, minimize drawdowns, and increase reserve recovery. As an update, PetroQuest plans to drill the CL&F #13, a Hollywood Sand test in the Turtle Bayou Field, Terrebonne Parish, Louisiana in March. It has also proposed to partners and anticipates drilling the 1st test well as a result of the recently received 3-D seismic survey in Valentine Field, Lafourche Parish, Louisiana by early April. Combined, the prospects have unrisked potential of 124 BCF of natural gas and 2.5 million barrels of condensate. PetroQuest expects to have a 35% working interest in both of these wells. PetroQuest Energy is an independent oil and gas company headquartered in Lafayette, Louisiana, with an exploration office in Houston, Texas. It is engaged in the exploration, development, acquisition and operation of oil and gas properties in Louisiana and the Gulf of Mexico. 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.