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

Stocks in this article: PQ

Our completion for the Broussard stage #2 well was designed to accommodate a 30% higher production rate than the Thibodeaux #1. Therefore, we’re expecting to commence production in mid-September at 2,000 barrels of liquids and 35 million cubic feet of gas per day.

At that time we’re expecting total gross daily production volumes from our La Cantera facilities of approximately 3,500 barrels of liquids and 65 million cubic feet of gas. In conjunction with our ongoing completion and production efforts, we’re evaluating the log and core date to determine if we have additional wells are needed to drain the expanded proven reserves and new pays. Based on what we have seen to date, we expect to drill a third well at La Cantera during 2013. This discovery could also set up additional drilling opportunities past 2013 as we develop this oil and gas field.

From 2007 through the end of 2012 our Gulf Coast assets have generated over $300 million of free cash flow. Our La Cantera and Thunder Bayou projects should significantly extend the life of this Gulf Coast revenue stream and provide significant additional free cash flow that we’ll leverage off of in our future resource expansion efforts.

Along with our La Cantera drilling activity, we have commenced 3D survey over our Thunder Bayou prospect, which is located approximately two miles north of La Cantera within the same regional structural complex and fault system. Today, gave an issue will provide additional imaging of the Thunder Bayou prospect, as well help to identify additional prospects in this prolific area.

Thunder Bayou is expected to spud during the second quarter of 2013, and we have an estimated 34% working interest in this high-impact project that is a gross pre-drill estimate of nearly 20 million barrels of oil equivalent. Assessing our near-term Gulf Coast inventory, we’ll be drilling a moderate-risk oil prospect in Lafourche Parish, Louisiana. The well has a composed total depth of 13,400 feet and gross un-risked reserve potential over 1 million barrels of oil. We have 22% working interest in this prospect that is expected to spud later this month.

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