Petroquest Acquires Interest in Ship Shoal 72 Field

PetroQuest Energy, Inc. announced its acquisition of an approximate 85% working interest in Ship Shoal Block 72 Field in Federal waters of the Gulf of Mexico.

The purchase price was $7.1 million with ExxonMobil selling the majority of the interest and a private company selling the remainder. The Ship Shoal 72 Field represents approximately 14,500 acres covering portions of five offshore blocks. Proved reserves of 8.6 Bcfe (67% natural gas) are attributable to the property, none of which are currently producing. The Company has identified several workover and recompletion opportunities planned for the first quarter of 2001.

"In addition to the proved reserves associated with this transaction, we anticipate this property to contribute significantly to our exploration effort over the next twelve to eighteen months. We have already identified numerous exploration and exploitation opportunities that we continue to evaluate," said Charles Goodson, PetroQuest's Chairman and Chief Executive Officer.


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