February 22, 2008

PetroQuest negotiates over West Virginia wells and pipeline

By Staff Writer

Independent energy firm PetroQuest Resources has announced that it is engaged in negotiations with three major industry partners regarding the initiation of an oil and gas well drilling program in Tyler County, West Virginia, and the related construction of a natural gas transportation pipeline in a joint venture format.

The firm said that, if these negotiations are successful, the new oil and gas wells will be drilled and completed in five phases of 50 wells each, for a total of 250 wells.

PetroQuest noted that, as the price of standard grade crude oil continues to be near the $100 per barrel level, the contemplated project is viable.

Additionally, there is a significant likelihood that the contemplated 18.5-mile pipeline could be sold to a major gas transporter and supplier shortly after its completion for a substantial profit, according to PetroQuest.