Petroquest Energy (PQ) has 15.0 Bcfe of proved reserves as of 12/31/2008, on its 18,000 net acres in the Fayetteville Shale. The company believes it has 2,000 drilling locations assuming 80 acre spacing between wells. Petroquest Energy was producing 8 mmcfe/day from its properties in the Fayetteville Shale as of June 2008. The following is a summary of the drilling activities of Petroquest Energy over the previous six months:
First Quarter 2009 - 21 non operated wells.
Fourth Quarter 2008 - 33 non operated wells.
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