The company has an approximate 22% net revenue interest in the well which logged approximately 147 feet of net pay in the primary Rob L objective. Casing has been run to the well’s total depth of 18,970 feet true vertical depth and the well is currently being completed. Production is expected to begin within two to three months at an initial gross rate of approximately 20,000 million cubic feet per day.
Charles Goodson, chairman, CEO and president of PetroQuest Energy, said: We are very excited about the Pelican Point prospect and are pleased to start 2008 with a significant exploration discovery. I am extremely proud of our Gulf Coast team that has worked tirelessly to make this project come to fruition.
This type of success reinforces our business plan of utilizing the cash flow from our high-margin Gulf Coast projects to accelerate our penetration into our predictable and repeatable long-lived basin programs.
