PetroQuest Energy, Inc. reported that the Company is updating its fourth quarter 2007 production guidance to approximately 85.3 MMcfe per day from its previously issued guidance of 83-89 MMcfe per day.
The Company ended 2007 with approximately 157 Bcfe of proved oil and gas reserves, a new Company record. Approximately 91% of the proved reserves were natural gas, and approximately 61% were located in long-lived basins. Additionally, approximately 69% of the proved reserves were proved developed.
Based primarily on the Company's anticipated record 2007 production rate, PetroQuest expects to post Company-record revenues, cash flows and net income for 2007.
At December 31, 2007, the Company's independent petroleum engineers estimated the net present value, excluding income taxes ("PV-10"), of reserves was $541 million, using prices ($6.52 per Mcfe and $96.83 per barrel) in effect as of year-end 2007 and discounted at 10%. This amount includes a reduction for estimated plugging and abandonment costs that is also reflected as a liability on PetroQuest's balance sheet at December 31, 2007, in accordance with Statement of Financial Accounting Standards No. 143.
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