PetroQuest Announces Success at Chenin Blanc Prospect

PetroQuest Energy, Inc. reported its first discovery of 2002.

The Chenin Blanc Prospect in the Company's 100%-owned Ship Shoal 72 Field has been drilled and encountered approximately 204 feet (TVD) of net productive sands. The well is being completed with first production expected on or before the end of February. The Company anticipates that the well will produce at a rate in excess of 10,000 gross Mcfe per day.

"This is the Company's fifth successful project in the Ship Shoal 72 Field since its acquisition in December of 2000," said Charles Goodson, PetroQuest's Chairman and Chief Executive Officer. "Over the next two years, we currently have twelve additional projects planned in the field representing both developmental and exploratory opportunities. I expect this inventory to grow as we continue to evaluate the 3-D seismic data."