PetroQuest Energy was the apparent high bidder on
7 blocks in the shallow waters of the Central Gulf of Mexico in OCS Sale 194
conducted in New Orleans on March 16th. The 7 blocks are located in the Main
Pass Area, Eugene Island, North Addition Area and in the Mobile Area. The
Company bid the blocks at various working interest levels with a total net
exposure of $4.8 million if all of the blocks are ultimately awarded by the
MMS. If awarded, the blocks will add approximately 32,000 gross and 17,000
net acres to the Company's present offshore holdings of approximately 100,000
gross acres and 59,000 net acres.
"We were the apparent high bidders on seven of the nine blocks that we
pursued. The blocks represent a set of quality opportunities that would
augment an already strong inventory of drilling prospects," said Charles T.
Goodson, Chairman, Chief Executive Officer and President.