by Nate Hinkel
Posted 8/28/2007 10:50 am
Updated 11 months ago
The company said the majority of the acreage was acquired in Van Buren county through several transactions during the third quarter and that it expects to continue expanding its leasehold.
PetroQuest's drilling efforts at the Fayetteville Shale in the next couple of months will also be stepped up "through participation in a number of non-operated horizontal wells," according to a news release.
"We are very excited about the expansion of our acreage position in the Fayetteville Shale," said Charles T. Goodson, chairman, CEO and president of PetroQuest. "This concentrated acreage position, located in the core of this emerging trend, complements our significant presence in the Woodford Shale, and solidifies the company in two of the most prominent resource plays in North America. We believe our Fayetteville position could ultimately create as much upside as our Woodford position."
The Woodford field lies in southeastern Oklahoma, where PetroQuest owns and operates about 180 miles of gathering systems with current throughput of about 30 million cubic feet per day.