Prnewsnow Reach the World NOW

↑ Grab this Headline Animator

PetroQuest Resources Inc. Announces Planned Acquisition of 15 Gas and...



PetroQuest Resources, Inc. (Computer Pink Sheets: PQRJ.PK), announced today that Mountaineer Gas Transmission, Inc., its wholly owned gas and oil production subsidiary, just contracted for the acquisition 100% of the working interest in 15 gas and oil wells in Vinton County, Ohio. These 15 gas and oil wells hold oil and gas leases on approximately 2,850 acres of future drilling sites.



The Company plans to rework all 15 of the wells to be acquired. The gas produced will be available for sale to an industrial end-user of natural gas that has requested PetroQuest supply it with the natural gas it needs for operations. Supplying gas directly to an end-user will be a win/win situation for both PetroQuest and the end-user of the gas. PetroQuest will sell the gas at a price that is in excess of wholesale, the price typically paid to a producer of natural gas, and the end user will pay less than retail price for the gas that it purchases. Any gas not sold to the industrial end user will be sold in the open market. Oil produced from these wells will be sold into the open market.



Additionally, the Company's Management believes that these 15 wells are ideal candidates for re-completion in uphole production zones. Additional drilling sights for new wells will also be made available from the additional acreage obtained from the contemplated purchase.


About PetroQuest Resources, Inc.



PetroQuest Resources, Inc. ("PetroQuest"), a Nevada corporation, is a publicly held oil and gas production and exploration corporation. PetroQuest conducts its oil and gas business through its subsidiaries and controlled entities Mountaineer Gas Transmission Inc., Tyr Energy Inc., Twin Fork Transportation, LLC, Majestic Oilfield Services Inc, and Advanced Brine Disposal Systems, LLC. PetroQuest is focusing its effort in the states of West Virginia and Ohio, and becoming an oil and gas producer in the state of Texas in the near future. For more information, visit


Prnewsnow Reach the World NOW

↑ Grab this Headline Animator

This article has been robotically scanned and tagged by Prnewsnow with the following search tags. No human manipulation of these tags take place.
| Financial | Sbli Usa | life insurance company |




Last 1000 Articles Submitted XML FEEDS FOR ORGANIZED NEWS