Current PQ Stock Info

Thunder Bayou Delivers

Thanks largely to continued outperformance at the Thunder Bayou well, PetroQuest Energy, Inc. (ticker: PQ) is increasing its second quarter 2016 production guidance to 65 – 66 MMcfe per day (71% gas, 11% oil and 18% NGLs) from its previously issued guidance of 61 – 65 MMcfe per day (72% gas, 11% oil and 17% NGLs).

In a press release today, the company said Thunder Bayou is currently flowing at a gross rate of approximately 30 MMcfe/d (NRI-37%) and its production profile continues to exceed expectations. PetroQuest is revising the timing of its recompletion into the upper section of the Cris R-2 formation (154 net feet of pay) to the fourth quarter of 2016.

Thunder Bayou Well PetroQuest - Oil & Gas 360

The company said it expects this recompletion to significantly increase the well’s current production rate and the work is budgeted to cost approximately $800,000 (WI-50%).


Thunder Bayou Well PetroQuest - Oil & Gas 360


Thunder Bayou Well PetroQuest - Oil & Gas 360

2016 Capital Expenditures Update

In an effort to preserve liquidity, PetroQuest  has deferred certain of its Gulf of Mexico P&A obligations that were originally scheduled for 2016 until 2017.  As a result, the Company is reducing its 2016 capital expenditure guidance to $15 million – $20 million from its previously issued guidance of $20 million – $25 million.

PetroQuest Energy has oil and gas properties in Texas, Oklahoma, Louisiana and the shallow waters of the Gulf of Mexico. The company will be presenting at EnerCom’s The Oil & Gas Conference® on Tuesday, August 16, 2016, in Denver, the 21st Denver EnerCom conference.


Legal Notice