PetroQuest Announces Successful Well Results at Ship Shoal 72 Field

PetroQuest is completing its first half 2002 drilling program at its 100% owned Ship Shoal 72 Field. Drilling operations were conducted during the second quarter on wells at its Chardonnay, Port, Burgundy, and Bordeaux prospects and all were successful.

The Chardonnay well was completed and began production at a gross rate of 6,000 Mcfe per day in late April.

The Port prospect well encountered approximately 145 feet (TVD) of net productive sands. The well has been drilled and completed and is expected to begin producing today at a gross rate of approximately 6,000 Mcfe per day.

The well at Burgundy encountered approximately 216 feet (TVD) of net productive sands. The well is currently being completed with first production expected in September at a gross rate of approximately 10,000 Mcfe per day.

The Bordeaux prospect has both developmental and significant exploratory objectives. The well is currently drilling and has thus far encountered approximately 190 feet (TVD) of net productive sands. The well has been drilled through its primary objectives with productive sands in both its developmental (53 feet, TVD) and exploratory (137 feet, TVD) targets. There are three additional objectives below the current drilling depth. First production is anticipated in October. This well is expected to produce at a gross rate of approximately 15,000 Mcf per day.

"Our success at Bordeaux is the first of a number of deeper exploration projects defined by reprocessed 3-D seismic on the flanks of Ship Shoal 72 Field. The knowledge gained from this discovery further substantiates the geologic interpretation of similar exploratory projects within the field," said Charles Goodson, PetroQuest's Chairman and Chief Executive Officer.

In addition to the wells at its Ship Shoal 72 Field, the Company is currently drilling wells at its East Cameron 118 prospect in the Gulf of Mexico and Berry Lake prospect in the Atchafalaya Basin of South Louisiana. "These two wells expose PetroQuest to net unrisked reserve potential of approximately 60 Bcfe," said Mr. Goodson. "We have a number of additional impact projects ready to drill; however, we want to see the results of the wells in progress before finalizing the next projects on our 2002 drill calendar."