PetroQuest Energy announces significant discovery at its Thunder Bayou Prospect

Dec 09, 2014 12:00 AM

PetroQuest Energy has announced a significant discovery at its internally generated Thunder Bayou Prospect located in Vermilion Parish, Louisiana. The Company has an approx. 50% working interest and 37% net revenue interest in the well, which logged approx. 490 gross feet (202 net feet) of high quality pay within the primary Cris R2 objective.

For comparison purposes, the Company has produced in excess of 70 Bcfe gross from the Cris R2 sand since 2012 at its La Cantera project located two miles south of Thunder Bayou. Casing has been set to 20,350 feet to protect the logged interval and the Company is currently drilling to a proposed total depth of 21,500 feet to test the Cris R3 objective. The Company also encountered additional potential pay sands in the upper and mid Cris R sands that will require further evaluation.

The Company expects to commence production from its Thunder Bayou discovery well in the second quarter of 2015 at a gross daily rate of approx. 25,000 - 30,000 Mcf of gas plus associated oil and natural gas liquids, which will be determined during the upcoming well test. Thunder Bayou's land location will allow for production to be established quickly with significantly lower facilities costs as compared to La Cantera's wet marshland location.

'We are extremely excited about our Thunder Bayou discovery and the transformative impact it will have on our production, reserves and cash flow profiles,' said Charles T. Goodson, Chairman, Chief Executive Officer and President. 'This discovery highlights the talents of our Gulf Coast team, which has achieved an impressive 70% success rate in this complex basin over the last 10 years, and further supports our multi basin approach. Early expectations are that Thunder Bayou is a project similar in scale to La Cantera, where gross total project finding and development costs are expected to be less than $1.00 per Mcfe and each of the three wells drilled have paid out in less than one year.'

Photo - see caption
LaCantera /Thunder Bayou Stratigraphic Cross Sections

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