14 Sept 2011drilling progress report▲ GoodMajor
PetroQuest closed the purchase of 28,250 acres of Mississippian Lime in Pawnee County, Oklahoma for an adjusted $24.1 million. The acreage has about 50 Boe/d of production and five saltwater disposal wells. It then sold a 50% working interest in the Pawnee acreage for about $14.5 million. The company now has about 24,000 net acres in Oklahoma and Kansas and expects to spud its first Mississippian Lime well near the end of the year. This is a new area for the company.