PetroQuest Drills Ahead in Woodford Shale, Estimates Oklahoma Production

PetroQuest 's twentieth operated horizontal Woodford well was the first well drilled in the Eastern section of the Company's Woodford acreage. The success of this well reduces the risk associated with a significant portion of the acreage as it extends the productivity of the trend eastward. In addition, the Company has reached total depth on its second well in the Eastern area and expects to complete the 7,057 foot extended lateral well in approximately five weeks. The Company is currently completing one Woodford Shale well and has reached total depth on three horizontal operated Woodford wells. The Company estimates current net production from its Oklahoma properties is approximately 31 MMcfe per day.

Drilling continues in the Fayetteville Shale where the Company participated in the drilling and completion of 27 gross wells (4.4 net wells) during the third quarter of 2008. The Company currently has five non-operated rigs working and approximately 18,000 net acres in the trend. The Company estimates current net production from its Fayetteville Shale assets, which began producing in early 2008, to be in excess of 5 MMcfe per day.

In East Texas, the Company recently completed its third Weekley prospect well targeting oil in the Buda formation. The well is expected to begin producing in approximately one week. In addition, the Company recently completed its fifth well in the Palmer prospect. The well logged 23 net feet of pay and had an initial gross production rate of approximately 3 MMcfe per day. The Company is currently drilling its sixth Palmer well and expects to reach total depth during the fourth quarter of 2008. The Company estimates current net production from its East Texas assets is approximately 14 MMcfe per day.

In the Gulf Coast Basin, the Company is currently installing facilities to produce its recently completed Bluffs prospect. The well logged approximately 85 net feet of pay and production is expected to commence within approximately four weeks at an initial gross rate of approximately 10,000 Mcfe per day. The Company has an approximate 39% net revenue interest in the well.

The Company recently spud its Highlands prospect in South Louisiana and expects to reach total depth during the fourth quarter of 2008. The Company has a 35% working interest in the well.

Production Update

The Company estimates that 1.2 Bcfe of net production was deferred from the third quarter of 2008 as a result of down-time caused by Hurricanes Gustav and Ike. Production from the majority of the Company's Gulf Coast Basin properties has been restored. The Company is currently producing approximately 100 MMcfe per day, with an additional 6.5 MMcfe of Gulf Coast Basin production shut-in from storm damage. As a result of the impact of the hurricanes, the Company expects third quarter 2008 production to be in the range of 86-90 MMcfe per day. The Company expects the remaining shut-in production to be restored throughout the fourth quarter of 2008 and first quarter of 2009.

 

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