PetroQuest Energy Announces Results on Latest Cotton Valley Wells
February 20 2018 - 6:30AM
PetroQuest Energy, Inc. (NYSE:PQ) announced today its latest
results from its horizontal Cotton Valley drilling program in East
Texas. The Company recently completed two wells (PQ #29 - 52%
NRI and PQ #30 - 59% NRI) which established a cumulative maximum
24-hour gross daily rate of 18,385 Mcf of gas, 1,354 barrels of
NGLs and 55 barrels of oil, for an equivalent rate of 26,839
Mcfe/d. The initial maximum 24-hour gross daily rates and
certain additional operating data per well were as follows:
Well |
Max 24-Hour Mcfe/d |
Lateral Length (ft) |
Lbs Proppant/foot |
Cluster Spacing (ft) |
Bench Tested |
PQ #29 |
15,371 |
6,250 |
772 |
101 |
E-Berry |
PQ #30 |
11,469 |
5,382 |
759 |
101 |
E-Berry |
The Company estimates these two wells had an
average drill and complete cost of $887 per lateral foot. The
Company is in the process of evaluating various joint venture
structures in connection with planning its 2018 Cotton Valley
drilling program.
About the CompanyPetroQuest
Energy, Inc. is an independent energy company engaged in the
exploration, development, acquisition and production of oil and
natural gas reserves in Texas and Louisiana. PetroQuest’s common
stock trades on the New York Stock Exchange under the ticker
PQ.
Forward-Looking Statements
This news 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. All statements other than statements of
historical fact included in this news release are forward-looking
statements. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, these
statements are based upon assumptions and anticipated results that
are subject to numerous uncertainties and risks. Actual results may
vary significantly from those anticipated due to many factors,
including the volatility of oil and natural gas prices and
significantly depressed oil prices since the end of 2014; our
indebtedness and the significant amount of cash required to service
our indebtedness; our estimate of the sufficiency of our existing
capital sources, including availability under our multi-draw term
loan facility; our ability to fund and execute our Cotton Valley
and Austin Chalk development programs as planned; our ability to
increase recoveries in the Austin Chalk formation and to increase
our overall oil production as planned; our estimates with respect
to fracked Austin Chalk wells in Louisiana, including production
EURs and costs; our estimates with respect to production, reserve
replacement ratio and finding and development costs; our receipt of
a cash refund with respect to our offshore bonds and the timing and
amount of the same; our ability to hedge future production to
reduce our exposure to price volatility in the current commodity
pricing market; our ability to find, develop and produce oil and
natural gas reserves that are economically recoverable and to
replace reserves and sustain and/or increase production; ceiling
test write-downs resulting, and that could result in the future,
from lower oil and natural gas prices; our ability to raise
additional capital to fund cash requirements for future operations;
limits on our growth and our ability to finance our operations,
fund our capital needs and respond to changing conditions imposed
by our multi-draw term loan facility and restrictive debt
covenants; less than 25% of our production being exposed to the
additional risk of severe weather, including hurricanes, tropical
storms and flooding, and natural disasters; losses and liabilities
from uninsured or underinsured drilling and operating activities;
changes in laws and governmental regulations as they relate to our
operations; the operating hazards attendant to the oil and gas
business; the volatility of our stock price; and our ability to
meet the continued listing standards of the New York Stock Exchange
with respect to our common stock or to cure any deficiency with
respect thereto. In particular, careful consideration should be
given to cautionary statements made in the various reports the
Company has filed with the SEC. The Company undertakes no duty to
update or revise these forward-looking statements.
For further
information, contact: |
Matt Quantz, Manager -
Corporate Communications |
|
(337) 232-7028,
www.petroquest.com |