News
PetroQuest Resources, Inc. Announces Status Report and Description of Future Plans
ARLINGTON, Texas, Feb. 4 /PRNewswire-FirstCall/ -- PetroQuest Resources, Inc. (Computer Pink Sheets: PQRJ.PK), announced today that it has recently completed the acquisition of rights-of-way necessary to lay natural gas pipeline to supply a major manufacturer of industrial explosives with gas needed for its manufacturing process. The rights-of-way adjoin oil and gas leases and oil and gas wells located thereon, recently purchased by PetroQuest, located south of this explosives manufacturer's facility. PetroQuest is also completing the time consuming, but necessary, engineering due diligence and title review on fifteen existing gas wells which hold another 2,600 + acres of leases that PetroQuest plans to purchase for the purpose of supplying natural gas to this explosives manufacturer and other direct purchasers of gas in the area.As previously announced, a bio-diesel manufacturing plant is currently being constructed within PetroQuest's sphere of operations. PetroQuest has been in negotiations with the management of this bio-diesel plant concerning supplying it with natural gas used in its manufacturing process since the construction of this plant began. It is believed that these negotiations will culminate with an agreement for PetroQuest to supply gas to this plant on a long-term basis.
PetroQuest is also in the final stages of structuring financing for the recompletion of 5 gas and oil wells and for the construction of holding tanks, roads, and the purchase of the pumps and piping necessary for the proper set up of a permitted brine water disposal well in Southern Ohio.
For more information, please contact Tommy L. McDonald, the Secretary of PetroQuest Resources, Inc., at the address and telephone number shown below:
Mr. Tommy L McDonald, Secretary
PetroQuest Resources, Inc.
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.