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PetroQuest Q2 Update; Woodford, East Texas GOM Discovery
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PetroQuest Energy Inc. has reported its second quarter 2015 results.
Operations UpdateIn the Gulf Coast, the Company's Thunder Bayou discovery well (NRI - 37%) is currently producing at approximately 40,000 Mcfe/d. The well is flowing on a 22/64th inch choke and all surface/down stream production facilities are performing as expected.
In East Texas, the Company's PQ #18 well (NRI - 38%) continues to exceed its pre-drill expectations and has achieved a 30 day average rate of approximately 8,400 Mcf/d of gas, 560 Bbls/d of Ngls and 31 Bbls/d of oil. The three well 2015 program achieved average per well gross costs of $5.2 million with average gross proved reserves of 8.1 Bcfe per well. The Company is in the planning stages of bringing a rig back into its Carthage field before the end of…
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