PetroQuest Energy, Inc. (PQ) Updates Capital Expenditure and Production Guidance For 2009

PetroQuest Energy, Inc. said that the final total for 2009 capital expenditures would be $60 million. The company previously estimated that its capital expenditures for 2009 would be in a range of $65 million to $75 million.

PetroQuest Energy, Inc. attributed the lower total to the deferment of several projects during the fourth quarter of 2009. The company also spent less on some wells located in the Fayetteville Shale.

In addition, PetroQuest Energy, Inc. reduced its expected oil and gas production totals for the fourth quarter of 2009. The company now expects average production for the quarter to be in a range of 81 to 83 million cubic feet equivalent per day, down from the 83 to 88 million cubic feet equivalent per day.

PetroQuest Energy, Inc. is an oil and gas exploration company with operations onshore in Texas, Louisiana, Oklahoma and Arkansas, and offshore assets in the shallow Gulf Coast area.