PetroQuest Begins Negotiations for Well Drilling Program in W. Virginia

PetroQuest Resources, Inc. reported that it is currently engaged in negotiations with 3 major industry partners regarding the initiation of an oil and gas well drilling program in Tyler County, West Virginia, and the related construction of a natural gas transportation pipeline approximately 18.5 miles long, in a joint venture format. If these negotiations are successful, the new oil and gas wells will be drilled and completed in five phases of 50 wells each, for a total of 250 wells. As the price of standard grade crude oil continues to hover near $100.00 per barrel, the timing of this contemplated project is certainly fortuitous.

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Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
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