PetroQuest Acquires Producing Wells in Wood County, West Virginia

PetroQuest Resources says that Mountaineer Gas Transmission, Inc., its wholly owned gas and oil production subsidiary, recently acquired 12 gas and oil wells in Wood County, West Virginia. Presently, 11 of the 12 wells are producing gas and oil.

The Company plans to rework all 12 of the recently acquired wells. Management believes that reworking these wells in their existing production zones could increase present production by as much as 400%. Additionally, the Company's Management believes that these 12 wells are ideal candidates for recompletion in additional uphole production zones. PetroQuest Resources, Inc.'s President, Warren F. Lory, stated:

This acquisition is a good example of our Company's core investment strategy for the forseeable future.
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