PetroQuest Energy (PQ) issued a year end operations update on its oil and gas activities. The company has 45,000 net acres in Oklahoma that are prospective for the Woodford Shale.
PetroQuest Energy reported two recent wells into the Woodford Shale. The PQ 42 produced at a 24 hour gross rate of 3.134 million cubic feet per day, and was drilled with a 5,068 foot lateral. The company has a 36% net revenue interest. The PQ 43 produced at a 24 hour gross rate of 2.056 million cubic feet per day, and was drilled with a 4,592 foot lateral. The company has a 36% net revenue interest.
PetroQuest Energy recently reached total depth on its forty fifth Woodford Shale well and expects to complete three Woodford Shale wells during the first quarter of 2011. The company is adding a third operated rig here and plans to drill 30 gross Woodford Shale wells in 2011.
PetroQuest Energy established a 2011 capital budget of $110 million to $120 million, and will put 34% of this capital into the Woodford Shale.