PetroQuest Energy released an operational update for the third quarter of 2010, including new disclosures on its exploration and development activities in various onshore and offshore oil and gas areas of the United States.
PetroQuest Energy reported a slight decline in total oil and gas production during the quarter. The company had total production of 7.9 billion cubic feet equivalents in the quarter ending 9/30/2010, compared to 8.0 billion cubic feet equivalents in the same quarter of 2009.
PetroQuest Energy said that the company has recompleted a well located in the Ship Shoal 72 field in the Gulf of Mexico. The company reported that the well had a gross initial production rate of approximately 300 barrels of oil per day and 300,000 cubic feet per day of natural gas.
PetroQuest Energy reported that the company is participating in a non-operated horizontal well drilled to the Cotton Valley formation. This well recently reached total depth and is waiting on completion. The company also reached total depth on an operated well drilled to the Travis Peak and Cotton Valley formations.
PetroQuest Energy released guidance for the fourth quarter of 2010 ending 12/31/2010. The company expects production to be in a range of 84 to 88 million cubic feet equivalents, 87% of which is to be natural gas.
For more information on the company, go to www.petroquest.com
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