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PetroQuest sells interest in 17 Gulf assets

Offshore

Offshore staff

LAFAYETTE, Louisiana -- PetroQuest Energy Inc. has sold its interests in 17 mature Gulf of Mexico fields to a private company for approximately $17 million, subject to post-closing adjustments.

The company also expects to settle on insurance claims associated with damage caused to the properties by hurricanes Katrina and Rita. Estimated proved reserves totaled approximately 8.7 bcfe at closing, and the properties had a substantial near-term abandonment obligation.

"This was an opportunity for us to monetize some of our mature Gulf Coast assets and use the capital for our continued expansion in East Texas and Arkoma," says Charles Goodson, chairman, CEO and president.

11/15/06