PetroQuest Updates Operations at Ship Shoal 72

PetroQuest Energy, Inc. announced that its fourth well in the Ship Shoal 72 Field, the Sauvignon Blanc Prospect, has been drilled and encountered 155 feet (TVD) of net hydrocarbon pay.

It is in the process of being completed with first production expected in early June at a planned gross rate of 5,000 Mcf per day. The previously announced successful Cabernet Prospect has begun production at a gross rate of 5,000 Mcf per day, and the Merlot Prospect continues to produce at a gross rate of 10,000 Mcfe per day. Construction of flow lines is in process for the Chardonnay Prospect with production expected to begin in early June at a planned gross rate of 10,000 Mcf per day.

"With the success of the Sauvignon Blanc Prospect, PetroQuest has completed Phase I of our planned developmental growth in this core property," said Charles Goodson, PetroQuest Chairman and Chief Executive Officer. "When PetroQuest obtained this field in December 2000, there was no production. Our announced plans to build daily gross production of this field to 30,000 Mcfe per day by the end of the second quarter 2001 demonstrates the ability of our staff to integrate a significant new project into an already extensive 2001 project inventory. In addition, proprietary 3-D pre-stack time migration seismic data is expected to be received in June, which will further assist in the evaluation of other developmental and exploration opportunities in this field."

PetroQuest Energy, Inc. is an independent oil and gas exploration and production company primarily focused on growing its reserves and shareholder value through a combination of drilling development locations and high-potential exploration prospects along the coast of and in the Gulf of Mexico.