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PetroQuest Energy's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: PQ

With that, Charlie will get us started with an overview of the quarter.

Charles Goodson

Good morning. During the second quarter we produced 8.4 Bcfe or 92.4 million cubic feet of gas equivalent per day. The 92.4 million cubic feet of gas equivalent per day was comprised of approximately 76 million cubic feet of gas, 1,300 barrels of oil and 1,300 barrels of NGLs. Approximately 75% of our second quarter production came from our long life assets.

We now posted four consecutive quarters of sequential production growth as our total production is up 14% over the last 12 months, with our NGL production up 43% since June of 2011. As we continue to allocate capital to the Mississippian Lime and liquids rich assets we would expect to see similar growth rates in liquids over the ensuing 12 months. Revenues for the quarter were $33.4 million with product price realizations including hedges of $111 per barrel of oil and $2.23 per Mcf of gas. NGL product price realizations averaged $40 a barrel.

In our operations press release yesterday we announced a second significant discovery at La Cantera, the Broussard in stage #2. This well was drilled to a total depth of 19,150 feet and logged 310 feet of net pay in the Cris R massive main objective. The well also logged approximately 200 feet gross pay – probable pay in sands above and below the main reservoir. The Broussard at stage #2 is 190 feet higher on structure compared to the discovery well.

As a point of reference, the initial discovery well logged 248 feet of pay, and has accumed approximately 170,000 barrels of liquids and 3 Bcfe of gas in four months with virtually no pressure drop, quite a prolific reservoir. We believe that the entire La Cantera structure is larger than originally projected, and without question the most significant Gulf Coast discovery in the company’s 27-year history.

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