PetroQuest Energy, Inc. is updating its fourth quarter 2007 production guidance to approximately 85.3 MMcfe per day from its previously issued guidance of 83-89 MMcfe per day.

The Company ended 2007 with approximately 157 Bcfe of proved oil and gas reserves, a new Company record. Approximately 91% of the proved reserves were natural gas, and approximately 61% were located in long-lived basins. Additionally, approximately 69% of the proved reserves were proved developed.

Based primarily on the Company's anticipated record 2007 production rate, PetroQuest expects to post Company-record revenues, cash flows and net income for 2007. A news release announcing complete fourth quarter and year-end results and a conference call with investors and analysts is scheduled for February 20, 2008.

The Company is projecting its 2008 net production to average approximately 94-100 MMcfe per day and expects approximately 45% of the estimated production to come from long-lived areas of Arkansas, Oklahoma and Texas. Additionally, the Company is projecting its first quarter 2008 net production to average approximately 86-92 MMcfe per day.

Tags: PetroQuest Energy