PetroQuest Digs Deep In Arkoma, Woodford Shale,
A total of 20 successful wells were drilled in the Arkoma Basin during the fourth quarter of 2007 resulting in an 91% success rate. The Company drilled six horizontal Woodford Shale wells during the fourth quarter, four of which were operated. The average initial production rate for these four operated wells was 3.2 MMcf per day. After year-end, the Company completed one additional operated well in the Woodford Shale that is currently flowing at approximately 2.1 MMcf per day after two weeks of production. The Company also participated in the drilling and completion of twelve successful horizontal Fayetteville Shale wells during the fourth quarter, the majority of which are in the early stages of production. Initial production rates for these wells have ranged from less than 1 MMcf per day to over 3 MMcf per day. Drilling continues in the Arkoma Basin with two operated rigs drilling horizontal Woodford Shale wells as well as concurrent non-operated activity in the Woodford Shale and Fayetteville Shale. Current plans call to add a third operated rig in the Woodford Shale within the next two to three months.
PetroQuest participated in the drilling and completion of 10 wells in the East Texas Basin during the fourth quarter of 2007, the majority of which are in the Carthage Field. As previously announced, the Company drilled the first well at its Weekley prospect during the fourth quarter.
In the Gulf Coast Basin, the Company's Brittas Bay prospect reached total depth of approximately 13,900 feet logging approximately 35 feet true vertical depth of net productive sands. The Company is currently completing the well which is expected to begin producing within three months at a gross rate of approximately 5 MMcfe per day. PetroQuest has an approximate 27% net revenue interest in the well.
The Company's Pelican Point prospect is currently drilling and is expected to reach total depth in approximately two weeks. The Company has a 28% working interest in the well.
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