PetroQuest is projecting its 2008 net production to average approximately 94-100 MMcfe per day and expects approximately 45% of the estimated production to come from long-lived areas of Arkansas, Oklahoma and Texas. Additionally, the Company is projecting its first quarter 2008 net production to average approximately 86-92 MMcfe per day.
"We expect to achieve Company records for production, reserves, cash flow and net income for the third consecutive year. In terms of our continued diversification efforts, this past year was a particularly successful one for the Company as we have significantly increased our presence in the Arkoma Basin with our entrance into the Fayetteville Shale and in East Texas with our promising Buda development," said Charles T. Goodson, Chairman, Chief Executive Officer and President. "In 2007, we doubled our reserves in the Arkoma Basin and we are forecasting reserves will increase there at a much more significant rate during 2008."
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