PetroQuest Energy has begun production at its Thunder Bayou discovery well in Vermilion Parish, which the company has described as “transformative” to its production, reserves and cash flow.
The company made the announcement in a two-sentence statement issued today, The Advertiser reports.
“The company plans to monitor the production facility’s performance over the next week as it increases the well’s production to its previously announced expected gross rate of approximately 38,000 Mcfe per day,” the company says. Mcfe is an abbreviation for 1,000 cubic feet of natural gas.
PetroQuest Energy Inc., an independent energy company, is involved in exploration, development, acquisition and production of oil and natural gas reserves in Texas, Oklahoma, Louisiana and shallow waters off the Gulf of Mexico. The company, 30 years old, employs about 120 people.
The company announced the “significant discovery” at Thunder Bayou last December. Charles Goodson, company chairman, president and CEO, said at that time that the project was similar in scale to PetroQuest’s La Cantera project two miles south of Thunder Bay.
Project development costs were low at La Cantera, the company said in December. The wells paid out in less than one year.
PetroQuest has a 50% working interest in the well and a 37% net revenue interest. Earlier this month, PetroQuest announced the sale of most of its Oklahoma assets at $280 million. The company will focus its primary efforts in eastern Texas and on the Gulf Coast.
