PetroQuest Energy Announces Significant Offsetting Discovery At Its La Cantera Prospect And Updates Operating Activities 08/01 03:01 PM
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LAFAYETTE, La., Aug. 1, 2012 /PRNewswire/ -- PetroQuest Energy, Inc. (PQ:$5.42,00$-0.09,00-1.63%) announced today a discovery at its Broussard Estates #2 well within the La Cantera prospect area located in Vermilion Parish, Louisiana. The well has reached total depth of 19,150 feet and logged approximately 310 net feet of pay in the Cris R Massive objective. Casing has been set to protect the logged interval and completion activities are ongoing. The Company has an approximate 17% net revenue interest in the well.
The previously announced Thibodeaux #1 discovery well logged approximately 248 net feet of productive pay and has produced approximately 3 Bcf of gas and 170,000 barrels of liquids since being placed on-line in late March 2012.
The Broussard Estates #2 well's primary target, the Cris R Massive, was encountered 194 feet higher on structure compared to the Thibodeaux #1 discovery well. In addition to the 310 net feet of confirmed pay, the well encountered over 200 gross feet of potential pay above and below the primary objective. The Company is evaluating the core and log data relative to these reservoirs to determine the potential for additional wells to accelerate development of the La Cantera structure. The Company will utilize its existing La Cantera processing facilities and expects first production from the Broussard Estates #2 well to commence in mid-September.