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.
- ADNOC Announces 650MM Barrel Oil Find
- Finland Loses Main Gas Supply
- Brent-WTI Oil Price Spread Inverts
- 6 Power Generating Facilities in Texas Just Tripped
- Privateers Push Permian Delaware Output To Record Heights In 2022
- Gasoline Price Records Mount
- Vattenfall Gets Funds For First-Ever Hydrogen Producing Wind Turbine
- Chevron Launches Carbon Capture Project In California
- China Spent Over $6B on Russian Energy Imports in April
- Corvus Setting Up USA Battery Factory For Offshore Vessels
- Russian Oil Producers Start Using Tankers the World Did Not Want
- Ban on Excessive Gasoline Prices Heading for Vote
- ADNOC Announces 650MM Barrel Oil Find
- Finland Loses Main Gas Supply
- The US Cannot Make Enough Fuel
- USA Oil and Gas Employment Set to Rebound
- China in Talks With Russia to Buy Oil for Reserves
- UK Activists Stop Russian Tanker With $36.5M Of Diesel
- Henry Hub Price Expected to Average $8.69 in 3Q
- USA Lease Sale Cancellation Leaves Industry in Limbo
- Russian Oil Producers Start Using Tankers the World Did Not Want
- Ban on Excessive Gasoline Prices Heading for Vote
- Oil and Gas Discovery Confirmed at Hamlet
- ADNOC Announces 650MM Barrel Oil Find
- Be Prepared to Pay More at the Pump from June
- This Is Where the Oil Price Would Be Without the War
- Top Headlines: Be Prepared to Pay More at the Pump from June
- Finland Loses Main Gas Supply
- Gas Prices Could Rocket in the Near Term
- Exxon Does It Again - Three More Discoveries Offshore Guyana