This week, PetroQuest Energy Inc. gave an update about its current well activity and production, including details on three newly completed horizontal wells in the Woodford shale.

“These three Woodford wells highlight a continuation of the type of performance that we are achieving in this trend and represent a strong start to our joint venture which will accelerate our activity,” said Charles T. Goodson, Chairman, chief executive officer and president. “These wells further build upon our superior results in the Woodford and reinforce the significant value of our acreage position.”

Currently, the Lafayette, Louisiana-based company puts its current net production in Oklahoma at approximately 35 million cubic feet per day (MMcf/d). This new rate represents an upswing in comparison to its first quarter 2010 production rate of 27 MMcf/d. In addition to the three new wells, PetroQuest has two horizontal Woodford wells waiting on completion.

Outside of Oklahoma, PetroQuest reported production from its Cotton Valley properties is hovering around 9 MMcf/d. It expects to drill its first horizontal well in that play in July. Pending good results, it plans to participate in an additional East Texas well during the remainder of the year.

It also continues to be an active player in the Fayetteville shale in nonoperated wells and currently retains approximately 18,000 net acres in the Arkansas area. Current net production from this trend is approximately at 6 MMcf/d.

In addition to well activity, the company also took part in a hedging transaction this month. After the deal, PetroQuest has approximately 13 billion cubic feet of gas equivalent (Bcfe) of volumes hedged for 2010 with an average floor of $5.62 per Mcf.