News
PetroQuest Resources, Inc. Announces Planned Acquisition of 15 Gas and Oil Wells in Vinton County, Ohio
ARLINGTON, Texas--(BUSINESS WIRE)--PetroQuest Resources, Inc. (Computer Pink Sheets: PQRJ.PK), announced today that Mountaineer Gas Transmission, Inc., its wholly owned gas and oil production subsidiary, just contracted for the acquisition 100% of the working interest in 15 gas and oil wells in Vinton County, Ohio. These gas and oil wells hold oil and gas leases on approximately 2,850 acres of future drilling sites.The Company plans to rework all 15 wells. The gas produced will be sold to an industrial end-user of natural gas that requested PetroQuest supply it with the natural gas needed for its operations. Supplying directly to an end-user is a win/win situation. PetroQuest sells the gas at a price that is in excess of wholesale, the price typically paid to a producer of natural gas, and the end-user pays less than retail. Any gas not sold to the industrial end-user along with any oil produced is sold into the open market.
Additionally, the Company’s Management believes these 15 wells are ideal for re-completion in uphole production zones. Additional drilling sights for new wells will be made available from the additional acreage obtained from the contemplated purchase.
| For more information, contact Tommy L. McDonald, Secretary of PetroQuest Resources, Inc., at: | |
| 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.