Petroquest's Berry Lake Well Non-Commercial

PetroQuest Energy reported that its second well in the Berry Lake Field previously announced as a success has been determined to be non-commercial. The well was completed after conventional evaluation, including third party core and log analysis, which indicated results analogous to commercially productive wells in the area. However, the well flowed oil in uneconomic quantities when placed on production.

The Company's initial discovery well at Berry Lake Field continues to produce as expected. The second well was designed to test an adjacent fault block, which had the potential to increase the reserves attributable to the structural complex by approximately 25%.