PetroQuest Ends 2007 with Record 157 Bcfe Proved Reserves
PetroQuest Energy, Inc. reported that the Company is updating its fourth quarter 2007 production guidance to approximately 85.3 MMcfe per day from its previously issued guidance of 83-89 MMcfe per day.
The Company ended 2007 with approximately 157 Bcfe of proved oil and gas reserves, a new Company record. Approximately 91% of the proved reserves were natural gas, and approximately 61% were located in long-lived basins. Additionally, approximately 69% of the proved reserves were proved developed.
Based primarily on the Company's anticipated record 2007 production rate, PetroQuest expects to post Company-record revenues, cash flows and net income for 2007.
At December 31, 2007, the Company's independent petroleum engineers estimated the net present value, excluding income taxes ("PV-10"), of reserves was $541 million, using prices ($6.52 per Mcfe and $96.83 per barrel) in effect as of year-end 2007 and discounted at 10%. This amount includes a reduction for estimated plugging and abandonment costs that is also reflected as a liability on PetroQuest's balance sheet at December 31, 2007, in accordance with Statement of Financial Accounting Standards No. 143.
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