Inner-Piece of Gas: PetroQuest Closes Deal on Buda Formation
PetroQuest completed the purchase of a private company's interest in the Weekley prospect targeting the Buda formation in East Texas in January 2008. As a result of the purchase, the Company is now the operator of the Weekley prospect and holds an approximate 85% working interest. The acquisition closed on January 17, 2008 for a total consideration of approximately $20 million. The acquisition added approximately 2.4 Bcfe and a 50% working interest in approximately 16,000 gross acres.
Additionally, the Company acquired 50% of the Weekley prospect well drilled during the fourth quarter of 2007 which is currently flowing approximately 1,000 Boe per day. The Company currently estimates 10 to 15 additional locations exist on the acreage.