News
PetroQuest Resources, Inc. Announces Beginning of Negotiations for Start of Well Drilling Program and Construction of Natural Gas Pipeline
ARLINGTON, Texas, Feb. 21 /PRNewswire-FirstCall/ -- PetroQuest Resources, Inc. (Pink Sheets: PQRJ - News), announced today that it is currently engaged in negotiations with 3 major industry partners regarding the initiation of an oil and gas well drilling program in Tyler County, West Virginia, and the related construction of a natural gas transportation pipeline approximately 18.5 miles long, in a joint venture format. If these negotiations are successful, the new oil and gas wells will be drilled and completed in five phases of 50 wells each, for a total of 250 wells. As the price of standard grade crude oil continues to hover near $100.00 per barrel, the timing of this contemplated project is certainly fortuitous.Additionally, there is a significant likelihood that the contemplated 18.5 mile pipeline could be sold to a major gas transporter and supplier shortly after its completion for a substantial profit.
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.