By OGJ editors
HOUSTON, Oct. 22 -- PetroQuest Energy Inc., Lafayette, La., has acquired an interest in 6,000 net acres of Arkoma basin natural gas properties in Oklahoma from a private company for $13.5 million. The acquisition includes 28 miles of pipeline and infrastructure in Pittsburg County, Okla.
The deal, which is expected to add 1.5 MMcfd to PetroQuest's production initially, is subject to a 12.5% election-to-participate by the company's partners.
Chairman, CEO, and Pres. Charles T. Goodson said the company has drilled and completed 10 wells since May and plans to add a second rig and drill 50 horizontal coalbed methane wells in the Hartshorne coal formation by yearend 2005.
