NEWS RELEASE
| For further information, contact: | W. Todd Zehnder, Vice President - Corporate Communications |
| | (337) 232-7028, www.petroquest.com |
PETROQUEST ENERGY ANNOUNCES PRODUCTION AT SHIP SHOAL RESTORED
LAFAYETTE, LA - December 11, 2006 - PetroQuest Energy, Inc. (NYSE: PQ) announced today that production has been restored in its Ship Shoal Block 72 field. The Company is currently ramping up production, which should be completed within a couple of days. Once fully restored, the Company expects record daily production from the field due to recent well successes and recompletion activities. The Ship Shoal field, which comprised 24% of the Company’s total third quarter production, has been shut in due to mechanical problems with a field pipeline that occurred at the end of the third quarter.
About the Company
PetroQuest Energy, Inc. is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Arkoma Basin, East Texas, South Louisiana and the shallow waters of the Gulf of Mexico. PetroQuest trades on the New York Stock Exchange under the ticker symbol “PQ.”
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are our ability to find oil and natural gas reserves that are economically recoverable, the volatility of oil and natural gas prices, declines in the values of our properties resulting in ceiling test write-downs, our ability to replace reserves and sustain production, our ability to restore production in our Ship Shoal Block 72 Field in a timely manner, our estimate of the sufficiency of our existing capital sources, our ability to raise additional capital to fund cash requirements for future operations, the uncertainties involved in estimating quantities of proved oil and natural gas reserves, in prospect development and property acquisitions or dispositions and in projecting future rates of production, the timing of development expenditures and drilling of wells, hurricanes and other natural disasters, and the operating hazards attendant to the oil and gas business. In particular, careful consideration should be given to cautionary statements made in the various reports PetroQuest has filed with the Securities and Exchange Commission. PetroQuest undertakes no duty to update or revise these forward-looking statements.
