PetroQuest Energy Inc., Lafayette, La., (NYSE: PQ) completed three operated horizontal wells in the Woodford shale during first-quarter 2011.
As previously noted, Woodford wells that exhibit a lower initial gas production rate have demonstrated a shallower decline curve. The average 30-day rates for PQ44 and PQ45 above were 91% and 96%, respectively, of their 24-hour gross production rate. In addition to the above completions, the company is currently completing its forty-eighth Woodford operated horizontal well and has reached or is nearing total depth on four additional Woodford operated wells scheduled to be completed during May. The company has three operated rigs working in the trend and expects to drill approximately 30 gross wells during 2011.
In the Gulf Coast Basin, the Craft Farms prospect located in Terrebonne Parish, Louisiana recently reached total depth and has encountered approximately 33 net feet of pay in the primary objective. The company has an approximate 41% net revenue interest in the well and expects first production in late May 2011. The La Cantera prospect is currently drilling and is expected to reach total depth during the third quarter. PetroQuest has a 23% working interest in this well. In addition, the company's first well in its multi-well Ship Shoal 72 sidetrack drilling program targeting oil is expected to spud in June.
In the Niobrara, PetroQuest is currently participating in the non-operated Hester #3 well (WI-25%) and expects to reach total depth in approximately three weeks. In addition, the company is currently participating in a well (WI-12.5%) with SM Energy Co. and expects to reach total depth in approximately two weeks.
In East Texas, the company expects to commence completions operations on its second non-operated horizontal Cotton Valley well (WI-26%) this week. Additionally, the company recently spud its first operated horizontal Cotton Valley well (WI-50%) and is currently participating in its first Chevron-operated horizontal Cotton Valley well (WI-50%).
In South Texas, PetroQuest recently spud its first operated Eagle Ford shale well (WI-50%) in Dimmit County and expects to reach total depth in approximately two weeks. In addition, the company has finalized the drilling locations for its next two operated Eagle Ford wells in LaSalle County. The company expects to commence drilling on its second operated Eagle Ford well (WI-50%) in May of 2011.
PetroQuest is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Arkoma Basin, Wyoming, Texas, South Louisiana and the shallow waters of the Gulf of Mexico.