Arlington, TX (PRWEB) October 24, 2007
PetroQuest Resources, Inc. (Computer Pink Sheets: PQRJ.PK), announced today that Mountaineer Gas Transmission, Inc., its wholly owned gas and oil production subsidiary, just contracted for the acquisition 100% of the working interest in five gas and oil wells in Vinton County, Ohio. These five gas and oil wells hold oil and gas leases on approximately 500 acres of future drilling sites.
The Company plans to rework all five of the wells to be acquired. The gas produced from these wells will be available for sale to an industrial end user of natural gas that has requested PetroQuest supply it with the natural gas that it needs for its operations. Supplying gas directly to an end user will be a win/win situation for both PetroQuest and the end user of the gas. PetroQuest will be able to sell the gas at a price that is in excess of wholesale, the price typically paid to a producer of natural gas, and the end user will pay less than retail price for the gas that it purchases. Oil produced from these wells will be sold into the open market.
Additionally, the CompanyÂs Management believes these five wells are ideal candidates for re-completion in uphole production zones.
About PetroQuest Resources, Inc.
PetroQuest Resources, Inc. (ÂPetroQuestÂ), a Nevada corporation, is a publicly held 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, LLC, Majestic Oilfield Services Inc, and Advanced Brine Disposal Systems, LLC. PetroQuest is focusing its effort in the states of West Virginia and Ohio, and becoming an oil and gas producer in the state of Texas in the near future. For more information, visit http://www.PetroQuestRes.com.
For more information, please contact Tommy L. McDonald, the Secretary of PetroQuest Resources, Inc., at the address and telephone number shown below:
Mr. Tommy L. McDonald
PetroQuest Resources, Inc.
1112 East Copeland Road
Arlington, Texas 76011
(817) 795-0154 Fax
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.
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