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PetroQuest Ups Production Guidance as Thunder Bayou Outperforms
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PetroQuest Energy, Inc. is increasing its second quarter 2016 production guidance to 65 66 MMcfe per day (71% gas, 11% oil and 18% NGLs) from its previously issued guidance of 61 - 65 MMcfe per day (72% gas, 11% oil and 17% NGLs). The increase in the Company's second quarter production guidance is primarily due to continued outperformance at its Thunder Bayou well.
The Company's Thunder Bayou well is currently flowing at a gross rate of approximately 30 MMcfe/d (NRI-37%) and its production profile continues to exceed expectations. As a result, the Company is revising the timing of its recompletion into the upper section of the Cris R-2 formation (154 net feet of pay) to the fourth quarter of 2016. The Company expects this recompletion to significantly increase the well's current…
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