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News Breaks
June 30, 2014
05:39 EDTPQ, MPOMidstates Petroleum announces exploration agreement with PetroQuest
Midstates Petroleum (MPO) announced that it has executed an Exploration Agreement with PetroQuest Energy (PQ) under which PetroQuest acquired 50% of Midstatesí lease ownership rights in the Fleetwood area of Louisiana and a license to the associated Fleetwood 3-D seismic survey for total consideration of $24M. The consideration to be paid by PetroQuest consists of $10M in cash, $3M now and $7M in January 2015, and a credit of $14M for Midstatesí share of future exploration activities including drilling, completion and lease acquisition costs. PetroQuest will be the operator and current plans are to drill two exploration wells during the second half of 2014 with additional exploration drilling in 2015. Midstates acquired the Fleetwood 3-D seismic data in 2012 and, after reprocessing the data, has identified over 12 prospects and leads to date. Midstates estimates that the gross un-risked resource potential of the area, which includes approximately 30,000 acres under lease, exceeds 300M barrels of oil equivalent.
News For MPO;PQ From The Last 14 Days
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January 26, 2016
16:10 EDTPQPetroQuest reports Q4 production averaged 72.5 MMcfe per day
PetroQuest Energy announced that the company's Q4 production averaged approximately 72.5 MMcfe per day, as compared to the previously announced guidance of 67-73 MMcfe per day. At December 31, the company had $148M in cash and no borrowings outstanding under its credit facility. The company is planning to provide its 2016 production and capital expenditure guidance as well as its 2015 estimated proved reserves during the third week of February. In East Texas, the company recently completed its PQ #19 horizontal Cotton Valley well, which has achieved a maximum 24-hour gross rate of 7,853 Mcf of gas, 581 barrels of natural gas liquids and 43 barrels of oil. In addition, the company completed its PQ #20 approximately one week ago and the well is in the initial stage of flowback. The company has suspended its 2016 Cotton Valley drilling program with the completion of its PQ #20 well. However, the company will continue to monitor commodity prices and will reassess its 2016 Cotton Valley drilling program during the second half of the year.

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