PetroQuest reports production rates from its First Cotton Valley pad, increases quarterly estimates
Lafayette-based PetroQuest Energy Inc. reported its first multi-well project in the Cotton Valley field produced the equivalent of 38.2 million cubic feet of natural gas during the first 24 hours of production.
Close to 72 percent of the three-well pad’s production was natural gas, with the remainder natural gas liquids and oil.
As a result of better-than-expected production from existing wells and the performance of the latest three-well pad, PetroQuest increased its second-quarter daily production guidance to the equivalent of 68 million to 69 million cubic feet of natural gas, up from the previous projection of 62 million to 65 million cubic feet. Third-quarter daily production guidance was increased to the equivalent of 85 million to 90 million cubic feet from 80 million to 84 million cubic feet…