(PETROQUEST ENERGY, INC. LOGO)

NEWS RELEASE
FOR IMMEDIATE RELEASE

For further information, contact:  Robert R. Brooksher, Vice President -
                                   Corporate Communications
                                   (337) 232-7028


              PETROQUEST ENERGY ANNOUNCES THIRD QUARTER PRODUCTION
                 AND ADJUSTS FOURTH QUARTER PRODUCTION GUIDANCE

Lafayette, Louisiana - October 26, 2004 - PetroQuest Energy, Inc. (NASDAQ: PQUE)
announced today its production for the third quarter of 2004 was 41.2 Mmcfe per
day net to the Company which is within its previously issued guidance of 40-42
Mmcfe per day.

The majority of its Gulf of Mexico offshore facilities previously evacuated and
shut-in due to Hurricane Ivan have returned to full operations. None of
PetroQuest's facilities sustained significant damage, but approximately 9.5-10
Mmcfe per day of net production from the Main Pass 74 Field remains off-line due
to downstream third-party pipeline damage. The Company believes that the line
could return to full operations sometime in December, but is forecasting no
production from its Main Pass 74 Field during the fourth quarter. As such, the
Company estimates its fourth quarter 2004 net production at 33-35 Mmcfe per day,
which is revised from its pre-storm fourth quarter guidance of 42 - 44 Mmcfe per
day.

"For the year 2004, revenue, income and cash flow per the Company's mid-year
internal forecast have not been materially affected by the deferred production
due to Hurricane Ivan as compared to the Company's current internal forecast.
This is primarily because of increased commodity prices, anticipated increased
commodity prices and forecasted additional production from other fields," said
Charles T. Goodson, Chairman, Chief Executive Officer and President.

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.

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 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
and in projecting future rates of production, the timing of development
expenditures and drilling of wells, 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.