PetroQuest Energy (PQ) issued an operational update on its oil and gas activities in the Woodford Shale, where the company has 41,000 net acres under lease. The company reported the initial production rates of three operated wells completed into the Woodford Shale formation during the first quarter of 2011. The names and 24 hour gross production rates are as follows:
PQ 44 – 2.48 million cubic feet per day
PQ 45 – 3.7 million cubic feet per day
PQ 46 – 8.5 million cubic feet per day
PetroQuest Energy has four additional operated Woodford Shale well under development and has three rigs operating in the play. The company expects to drill thirty gross wells into the Woodford Shale in 2011.