PetroQuest Acquires Five Oil and Gas Wells in Ohio

PetroQuest Resources says that Mountaineer Gas Transmission, Inc., its wholly owned gas and oil production subsidiary, has finalized the acquisition of 100% of the working interest in five gas and oil wells in Vinton County, Ohio, for the purchase price of $150,000.00.

The newly acquired gas and oil wells hold oil and gas leases on approximately 520 acres. This acreage gives the company seven or eight high quality future drilling sites.

The company plans to make the gas produced from these wells available for sale directly to an industrial end-user. Without performing any significant post-closing work on these wells, it is anticipated that they will generate approximately $125,000 of net income per year from sales of natural gas produced and an undetermined amount of marginal net income from sales of oil produced.

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