From Earlier: PetroQuest Energy Announces a 37% Increase to Its Estimated Proved Oil and Gas Reserves and Updates Its 2011 Production
PetroQuest Energy, Inc. (NYSE: PQ) announced today that the Company ended 2011 with approximately 265 Bcfe of estimated proved oil and gas reserves having a pre-tax discounted value of approximately $341.3 million. This represents a 37% increase in estimated proved reserves from December 31, 2010 and is a new Company record. The Company's estimated proved reserves at December 31, 2011 were comprised of 91% natural gas, 3% oil and 6% natural gas liquids. In addition, approximately 91% of the reserves were located in long-lived basins and approximately 61% were proved developed.
The Company estimates that its 2011 production was approximately 30.2 Bcfe, or 82.7 MMcfe per day, including fourth quarter 2011 production of 8.0 Bcfe, or 87 MMcfe per day. The Company's fourth quarter 2011 production was 8% higher than the third quarter of 2011 and was comprised of 83% natural gas, 9% oil, and 8% natural gas liquids.
The Company estimates that it replaced 340% of the reserves produced during 2011 at an average cost of $1.64 per Mcfe. Excluding the cost of acquiring undeveloped acreage in the Mississippian Lime, the Company estimates its 2011 finding and development costs averaged $1.47 per Mcfe. Based upon the results achieved during 2011, the Company's reserves to production ratio at December 31, 2011 increased to 8.8, a 42% increase from the Company's R/P at December 31, 2010.
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