LAFAYETTE, La., Feb. 20, 2018 (GLOBE NEWSWIRE) — PetroQuest Energy, Inc. (NYSE:PQ) announced today its latest results from its horizontal Cotton Valley drilling program in East Texas. The Company recently completed two wells (PQ #29 – 52% NRI and PQ #30 – 59% NRI) which established a cumulative maximum 24-hour gross daily rate of 18,385 Mcf of gas, 1,354 barrels of NGLs and 55 barrels of oil, for an equivalent rate of 26,839 Mcfe/d. The initial maximum 24-hour gross daily rates and certain additional operating data per well were as follows:
|Well||Max 24-Hour Mcfe/d||Lateral Length (ft)||Lbs Proppant/foot||Cluster Spacing (ft)||Bench Tested|
The Company estimates these two wells had an average drill and complete cost of $887 per lateral foot. The Company is in the process of evaluating various joint venture structures in connection with planning its 2018 Cotton Valley drilling program.
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 Texas and Louisiana. PetroQuest’s common stock trades on the New York Stock Exchange under the ticker PQ.