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PetroQuest Energy Inc announces expansion of footprint in Mississippian Lime play.

M2 EQUITYBITES-September 14, 2011-PetroQuest Energy Inc announces expansion of footprint in Mississippian Lime play(C)2011 M2 COMMUNICATIONS

Energy company PetroQuest Energy Inc (NYSE:PQ) revealed on Tuesday the completion of the acquisition of acreage in Mississippian Lime for an adjusted purchase price of USD24.1m.

The acquisition provides the company with 28,250 acres located in Pawnee County, Oklahoma with approximately 50 Boe/d of production and five saltwater disposal wells.

In conjunction with this acquisition, the company disposed a 50% working interest in the Pawnee County acreage for approximately USD14.5m.

Upon completion of the acquisition and sale, the company has approximately 24,000 net acres in Pawnee, Grant and Kay Counties in Oklahoma and Sumner County, Kansas and plans to drill its first well targeting the Mississippian Lime by year end.

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Publication:M2 EquityBites (EQB)
Date:Sep 14, 2011
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