Message #1 From:
NewsBot Date: January 18, 2008 08:02:29 PM
PetroQuest Resources, Inc. Announces Planned Acquisition of 15 Gas and Oil Wells in Vinton County, Ohio
PetroQuest Resources, Inc. (Computer Pink Sheets: PQRJ.PK), announced
today that Mountaineer Gas Transmission, Inc., its wholly owned gas and
oil production subsidiary, just contracted for the acquisition 100% of
the working interest in 15 gas and oil wells in Vinton County, Ohio.
These gas and oil wells hold oil and gas leases on approximately 2,850
acres of future drilling sites.
The Company plans to rework all 15 wells. The gas produced will be sold
to an industrial end-user of natural gas that requested PetroQuest
supply it with the natural gas needed for its operations. Supplying
directly to an end-user is a win/win situation. PetroQuest sells the gas
at a price that is in excess of wholesale, the price typically paid to a
producer of natural gas, and the end-user pays less than retail. Any gas
not sold to the industrial end-user along with any oil produced is sold
into the open market.
Additionally, the Company’s Management
believes these 15 wells are ideal for re-completion in uphole production
zones. Additional drilling sights for new wells will be made available
from the additional acreage obtained from the contemplated purchase.
For more information, contact Tommy L. McDonald, Secretary of
PetroQuest Resources, Inc., at:
1112 East Copeland Road
Suite 420
Arlington, Texas 76011
(440) 368-3558
(817) 795-0154 -- Fax
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, among others, the potential for additional customer growth
from acquired operations and additional opportunities for growth. There
are important factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements, including: general economic business conditions, unfavorable
weather conditions, the success of certain cost containment initiatives,
changes in regulations or regulatory treatment, availability and the
cost of capital, the success of growth initiatives, and other factors
discussed in our filings with the Securities and Exchange Commissions.
Additionally, this release may not be considered as legal, accounting,
or investment advice, and is not, and may not be considered, a
solicitation for the purchase of any securities issued by PetroQuest
Resources, Inc.
PetroQuest Resources, Inc. Tommy L. McDonald, 440-368-3558 Secretary
