PetroQuest Energy Inc. (PQ) announced that it completed four operated horizontal wells in the Woodford Shale during the fourth quarter of 2009. The company currently has one operated rig working in the basin and estimates that its current net production from its Oklahoma properties is about 30 MMcfe per day.
In East Texas, the Company expects to participate in its first horizontal Cotton Valley well during the first quarter of 2010. Depending upon the results of the initial well, the Company is planning to participate in additional wells during 2010 in addition to planned Travis Peak activity. The company estimates that its current net production from its East Texas properties is about 10 MMcfe per day.
In the Gulf Coast, the Company expects to spud its Sugarloaf prospect during the first quarter of 2010. The Company has a 30% working interest in this prospect targeting significant oil potential.
The company currently expects its 2009 direct capital expenditures to total about $60 million versus its previous guidance of $65 million - $75 million. The reduced capital expenditure budget is the result of the deferral of several capital projects from the fourth quarter of 2009.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.