Operational Updates
PetroQuest Energy Announces First Quarter 2012 Results and Provides Operations
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PetroQuest Energy, Inc. (NYSE: PQ) announced today that the Company recorded net loss to common stockholders for the quarter ended March 31, 2012 of ($18,608,000), or ($0.30) per share, compared to first quarter 2011 net income available to common stockholders of $1,897,000, or $0.03 per share. During the first quarter of 2012, the Company recorded a non-cash ceiling test write-down of $20,111,000 as a result of the impact of lower natural gas prices on its net discounted cash flows from its proved reserves.
Operations Update
The Company recently commenced production from 11 additional operated Woodford wells (average NRI – 23%). This group of wells had an average lateral length of 4,991 feet and achieved an average maximum 24 hour gross rate of 5,285 Mcf per day. In addition, the Company…
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