Petroquest Sells Fayetteville Shale Assets for $9M

PetroQuest Energy Inc. of Lafayette, La., announced Tuesday it is selling its Arkansas assets in the Fayetteville Shale for $9.2 million.

According to a news release, PetroQuest estimated that cash flow from its Fayetteville assets totaled about $1.3 million for 2012. During the same year, its wells produced an average of 5 million cubic feet of gas per day, or about 1 million less than when it acquired 17,000 acres in the Fayetteville back in 2007.

Most of the acreage was in Van Buren County.

"We are pleased to complete the sale of our non-operated Fayetteville assets, which enables us to further strengthen our balance sheets while increasing our focus on growing our liquid production from our core assets in the Mississippian Lime, Woodford, East Texas and Gulf Coast Basin," Charles T. Goodson, PetroQuest's CEO, said in the news release.

PetroQuest did not name the buyer.