PetroQuest Energy Inc. (NYSE: PQ) detailed the results of its recent borrowing base redetermination, and also detailed its first-quarter 2014 operations.
The company’s bank group, which now consists of six banks, reaffirmed the $200 million borrowing base in a semi-annual redetermination, PetroQuest Energy said.
On March 31, there was $75 million outstanding under its credit facility, the company added.
The next redetermination is scheduled to occur before Sept. 30, the company noted.
The company operates in the Woodford Shale, on the Gulf Coast and in East Texas’ Cotton Valley.
Regarding its overall first-quarter production, PetroQuest Energy estimated that between 107 and 109 million cubic feet equivalent per day (MMcfe/d) of natural gas, oil and NGL were produced. Of that amount, 74% was natural gas, 14% was oil and 12% was NGL, the company added.
PetroQuest Energy added wells in both the Woodford and East Texas areas. Six liquids-rich wells in the Woodford’s West Relay Field were completed and began producing in March, the company said. On a five-well pad and a one-well pad, they are producing a gross daily rate of about 21 thousand cubic feet (Mcf) of natural gas and 3,5000 barrels (bbl) of NGL, the company noted.
A four-well pad is being completed in the West Relay, PetroQuest Energy said.
In the Cotton Valley, a second rig was added to its horizontal drilling program to speed up the drilling of six gross wells, the company said.
PetroQuest Energy Inc. is based in Lafayette, La.
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