PetroQuest Energy, Inc. (the “Company”) (NYSE: PQ) announced today that it is increasing its first quarter 2016 production guidance to approximately 81-82 MMcfe per day (73% gas, 11% oil and 16% NGLs) from its previously issued guidance of 72-76 MMcfe per day. The midpoint of the revised guidance represents an approximate 12% increase from the Company’s production rate during the fourth quarter of 2015.

Management’s Comment
“To be able to increase production guidance without an increase in capital investment underscores the quality of our producing assets,” said Charles T. Goodson, Chairman, Chief Executive Officer and President. “Our most recent Cotton Valley wells along with Thunder Bayou continue to outperform our expectations and were the primary drivers for our better than expected first quarter production rate.  We have participated in over 600 horizontal wells in a number of resource trends targeting both shales and tight sands. This experience, primarily gained in the Woodford Shale where we have been a leader with our partner, has allowed us to quickly achieve top tier results in the Cotton Valley as evidenced by the consistent improvement in EURs and rates over the last few years. Well performance improvements in the Cotton Valley have coincided with reduced costs on an absolute and a per lateral foot basis.  While declining service costs and access to premium equipment have contributed to our success in lowering well costs, our team’s execution, leveraging our experience as a horizontal driller, has certainly had a meaningful impact to cost reduction results.”

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, Oklahoma, Louisiana and the shallow waters of the Gulf of Mexico.  PetroQuest’s common stock trades on the New York Stock Exchange under the ticker PQ.

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