PetroQuest Energy Posts 115% Growth in Reserves, 520% Reserve Replacement Rate for 1999 LAFAYETTE, La.--(BUSINESS WIRE)--March 22, 2000-- PetroQuest Energy,Inc. (NASDAQ:PQUE,TSE:PQU), announced today that it ended 1999 with proved reserves of 2billion cubic feet equivalent (Bcfe) of natural gas and a reserve replacement rate of 520%. This represents an increase of 115% over 1998 year-end proved reserves of 13 Bcfe. At December 31, 1999, the Company's independent petroleum engineers estimated the net present value, excluding income taxes, of these reserves, using prices in effect as of year-end 1999, and discounted 10%, at $43.1 million, a 268% increase from $11.7 million at the end of 1998. Reserve additions from drilling, net of revisions, equaled 18.2 Bcfe and represents a reserve replacement rate equal to 520% of the Company's 1999 production of 3.5 Bcfe. The 1999 reserve increase is the result of the Company's successful drilling program onshore and offshore in the Gulf Coast Region. PetroQuest Energy, Inc. is an oil and gas exploration and production company primarily focused on growing its reserves and shareholder value through a combination of drilling development locations and high potential exploration prospects along and in 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.