Optima Petroleum Corporation Announces Name Change to PetroQuest Energy, Inc. and Closing of Merger LAFAYETTE - September 2, 1998 - Optima Petroleum Corporation (OTC BB: OPPCF) (TSE:OPP) announces the closing of the merger with American Explorer, L.L.C. and related entities as of September 1, 1998. In conjunction therewith, the following matters were also effective September 1, 1998. Changing the Company’s name to PetroQuest Energy, Inc.; Continuation of the Company into the State of Delaware; Amending certain outstanding stock options and implementing a new stock option plan; Acquisition of a 5 percent working interest in the Valentine Prospect. New officers of the Company are: Charles T. Goodson, President and Chief Executive Officer Alfred J. Thomas, II, Chief Operating Officer Ralph J. Daigle, Senior Vice President, Exploration Robert R. Brooksher, Chief Financial Officer The Company’s headquarters are relocated to 625 E. Kaliste Saloom Road, Lafayette, Louisiana 70508. An exploration office is maintained in Houston, Texas. The Company will continue to trade on NASDAQ (new symbol PQUE) and on the Toronto Stock Exchange (new symbol PQU). Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the company "believes," "anticipates," "expects" or words of similar import. Similarly, statements that describe the company’s future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those currently anticipated. A description of such forward-looking statements can be found in the company’s periodic reports filed with the Securities and Exchange Commission. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and the company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.