Arlington, TX (PRWEB) October 2, 2007
PetroQuest Resources, Inc. (Computer Pink Sheets: PQRJ), an oil and gas production and exploration corporation, is pleased to provide all interested parties with an overview of its business and an update about its recent accomplishments.
Through Mountaineer Gas Transmission, Inc. (“Mountaineer”), one of its wholly owned subsidiaries, PetroQuest owns and operates 66 gas and oil wells in West Virginia and 46 gas and oil wells in Ohio. Mountaineer also holds over 5,000 acres of oil and gas leases for future drilling in West Virginia, and about 5,000 acres of oil and gas leases for future drilling in Ohio. Mountaineer’s management is currently negotiating the terms of other leases in surrounding areas that will be finalized once drilling on the present 10,000 plus acres commences.
Additionally, PetroQuest owns 232 plus miles of natural gas pipeline and gathering systems in Vinton Country, Ohio through another of its wholly owned subsidiaries, Tyr Energy, Inc. Tyr Energy has recently completed assessing and pressure testing over 50% of its natural gas pipeline and gathering systems in Vinton County, and has interconnected over 60% of the gas wells owned by Mountaineer in Vinton County. Tyr Energy plans to complete the interconnection of all of Mountaineer’s gas wells located in the northern portion of Vinton County pipeline and gathering system before year end. Tyr Energy also plans to acquire new rights-of-way for this system for the purpose of adding to its gathering capabilities. Once this system has been fully assessed, Tyr Energy plans to transport natural gas for Mountaineer and for third parties that desire to sell their gas on the open market.
PetroQuest has just launched a corporate website at http://www.petroquestresourcesinc.com. Interested investors are encouraged to visit our new "Investor Relations" section where investors can click on "Request Info" and securely request an investor relations kit, receive a phone call from the Company’s Investor Relations personnel, and/or receive press releases delivered immediately after release to a designated e-mail address.
About PetroQuest Resources, Inc.
PetroQuest Resources, Inc. (“PetroQuest”), a Nevada corporation, is a publicly held and traded oil and gas production and exploration corporation. PetroQuest conducts its oil and gas business through its subsidiaries and controlled entities Mountaineer Gas Transmission Inc., Tyr Energy Inc., Twin Fork Transportation, L.L.C., Majestic Oilfield Services Inc., and Advanced Brine Disposal Systems, L.L.C. PetroQuest is focusing its effort in the states of West Virginia and Ohio, and plans to become an oil and gas producer in the State of Texas in the near future. For more information, we please visit our website at http://www.petroquestresourcesinc.com.
The Cervelle Group
Investor Relations: (407) 475-9966
contact @ petroquestres.com
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, the potential for additional customer growth from acquired operations and additional opportunities for growth. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including general economic business conditions, unfavorable weather conditions, the success of certain cost containment initiatives, changes in regulations or regulatory treatment, availability and the cost of capital, the success of growth initiatives, and other factors discussed in our filings with the Securities and Exchange Commissions. Additionally, this release may not be considered as legal, accounting, or investment advice, and is not, and may not be considered, a solicitation for the purchase of any securities issued by PetroQuest Resources, Inc.