Terrebone Parish, Louisiana
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PetroQuest Energy has made a significant discovery in South Louisiana at its Pelican Point Prospect (Terrebonne Parish) operated by Denbury Resources, Inc. PetroQuest has a 25% working interest and 18% net revenue interest in the well
and project which logged significant pay in the primary Rob L objective.
Several delineation wells are expected to be drilled to fully exploit the
reserve potential. The well is being completed and is expected to begin
producing at an initial gross rate of approximately 10,000 to 15,000 Mcfe per
day. After the completion of an anticipated upgrade to current facilities,
the Company estimates the well production rate will increase to approximately
30,000 Mcfe per day.
"We are pleased to be part of this project in Gibson Field which is
consistent with one of our strategies of exploring below large, mature Gulf
Coast fields. This deep discovery appears to be geologically similar to the
Etoufee discovery in 1999 at the neighboring Turtle Bayou/Kent Bayou
structural complex," said Charles T. Goodson, Chairman, Chief Executive
Officer and President.