PetroQuest Energy Inc. (NYSE: PQ) has completed the sale of its 100% non-operated Fayetteville shale assets located in Arkansas for $9.2 million.
According to the release, the sale will not impact the current borrowing base of $130 million under the company's credit facility.
The company has established production from two additional operated Mississippian Lime wells in northern Oklahoma. The PQML #9 and PQML #8 wells achieved maximum 24 hour gross daily rates of 1,291 barrels of oil equivalent and 74 barrels of oil equivalent. In addition, production has been established from one non-operated well of 486 barrels of oil equivalent in Kay County and one non-operated well of 147 barrels of oil equivalent in Grant County.
The PQML #6, PQML #10 and PQML #11 wells have been completed and are in various stages of flowing back. The company is currently drilling its initial operated wells in Grant County. The company has drilled and completed 11 operated wells in the Mississippian Lime trend
The company plans to participate in a 3D seismic survey over its Pawnee acreage during the second quarter of 2013 and is currently evaluating options for its Kay and Grant County acreage, according to the release.
Recently, production has been commenced from four additional liquids rich Woodford wells. This group of wells had an average lateral length of 4,955 feet and achieved an average maximum 24 hour gross rate of 3,627 thousand cubic feet of gas and 255 barrels of NGLs. In addition, eight liquids rich Woodford wells are currently being completed.
PetroQuest Energy Inc. is an independent energy company based in Lafayette, La., that is engaged in the exploration, development, acquisition and production of oil and natural gas reserves.