PetroQuest Energy (PQ) issued a year end operations update on its properties prospective for the Niobrara Shale. The company has been involved with the play on a non operated basis.
PetroQuest Energy reported that the Nevis #2 well has produced 20,000 barrels of oil since coming onto production sixty days ago. The company has a 20% net revenue interest in the Nevis #2 well. The well was put on artificial lift in January after experiencing some down time and is now producing 360 barrels of oil per day.
PetroQuest Energy said that the Hester #3 well, the company’s third non operated well into the Niobrara Shale, will be spud during the first quarter of 2011. The company has allocated between $11 million and $12 million to participate in 12 to 15 gross Niobrara Shale wells in 2011.