The company is evaluating its previously released full-year 2006 production guidance and expects to provide an update in conjunction with its second-quarter earnings release.
Drilling continues in the company's Southeast Carthage Field and in the Arkoma Basin. The company has drilled its first two operated wells targeting the Caney and Woodford shales, both of which were vertical wells. Each well logged pay in the Woodford and Caney shale formations. Core samples of each section are undergoing analysis. The company expects to provide a more detailed update on these wells in its second-quarter earnings release.
As previously announced, PetroQuest’s English Turn prospect was drilled and 210 feet of net productive sands were logged in the well. The company has completed the well, which began producing this week. PetroQuest has an approximate 41% net revenue interest (NRI) in the well.
Also, as previously announced, the company's Pelican Point prospect was drilled and is currently being completed in the Rob L objective. The well is expected to begin producing in August at a gross rate of approximately 10,000 to 15,000 Mcfe per day. The company has an approximate 18% NRI in the well. Current plans call to spud the second well at Pelican Point during the third quarter.
PetroQuest has logged its second successful well at its West Cameron drilling program, and facility upgrades are being designed. Initial production on these wells is expected near the end of 2006. Additionally, the company has logged two successful wells in its Ship Shoal drilling program. Completion operations are underway and initial production is expected during the third quarter.
The company's Pacific Grove prospect was drilled to total depth and has been determined to be commercially non-productive. PetroQuest has a 15% working interest in this prospect.
Drilling continues PetroQuest’s The Farm prospect (48% working interest) and the well is expected to reach total depth during the third quarter.
"We continue to stay focused on growing our production, which is at an all time high for PetroQuest,” said Charles T. Goodson, the company’s chairman, CEO, and president. “We are excited about the new production coming on in the second half of the year and the initial results from the Caney/Woodford drilling program. With our successes in South Louisiana during the first half of the year, we are confident about increasing our reserves this year. Additionally, we are committed to continue our active drilling programs in East Texas and Arkoma which will also contribute current year reserve additions."
PetroQuest Energy, Inc. is an independent energy company engaged in the exploration, development, acquisition, and production of oil and natural gas reserves in the Arkoma Basin, East Texas, South Louisiana, and the shallow waters of the Gulf of Mexico. PetroQuest trades on the New York Stock Exchange under the ticker PQ.
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