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PetroQuest announces the departure of Todd Zehnder, Chief Operating Officer. Mr. Zehnder's resignation is on the best of terms as he plans to continue his career outside of the Oil and Gas industry.
Charles T. Goodson, Chairman, Chief Executive Officer and President, said: "Todd will be greatly missed by the entire PetroQuest family and we are sure by all of those he came in contact with over the last 15 years. I along with the other Executives that he worked so closely with will miss his tremendous contributions and insight and only wish him the best in his career pursuits. PetroQuest has spent the last fifteen years of its 30 year history expanding into numerous resource plays in the US allowing us to hone our expertise in horizontal drilling, fracking and producing tight sands and shales. Today we are able to take advantage of that knowledge base primarily gained from the Woodford Shale inOklahoma into the horizontal Cotton Valley which holds decades of defined development into these truly unique assets. As stated in our last conference call, we continue to remain focused on additional deleveraging options to build upon our success repaying all of our bank borrowings while driving down full cycle costs and increasing efficiencies to enable our assets to continue to compete with other resource plays in North America. We will continue to utilize our very experienced and talented team to succeed in the pursuit of these efforts."
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