LAFAYETTE, La., Jan. 26 /PRNewswire-FirstCall/ -- PetroQuest Energy, Inc. (NYSE: PQ - News) announced today a significant South Louisiana discovery at its Pelican Point Prospect (Terrebonne Parish) operated by Denbury Resources, Inc. PetroQuest has a 25% working interest and 18% net revenue interest in the well and project which logged significant pay in the primary Rob L objective. Several delineation wells are expected to be drilled to fully exploit the reserve potential. The well is being completed and is expected to begin producing at an initial gross rate of approximately 10,000 to 15,000 Mcfe per day. After the completion of an anticipated upgrade to current facilities, the Company estimates the well production rate will increase to approximately 30,000 Mcfe per day. ADVERTISEMENT
"We are pleased to be part of this project in Gibson Field which is consistent with one of our strategies of exploring below large, mature Gulf Coast fields. This deep discovery appears to be geologically similar to the Etoufee discovery in 1999 at the neighboring Turtle Bayou/Kent Bayou structural complex," said Charles T. Goodson, Chairman, Chief Executive Officer and President.