PetroQuest Energy Announces Initial Assessment After Hurricane Gustav

PetroQuest Energy, Inc. announced today that its initial assessment of its Gulf Coast production facilities has been completed and there is no apparent structural damage to any of the facilities. The timing of the production restoration is contingent upon several factors outside of the Company’s control including pipelines and processing plants operated by third parties, the availability of goods and services from third parties, as well as future weather conditions. Although the majority of the Company’s Gulf Coast production was shut-in prior to the storm, it now expects that it can achieve approximately 80% of pre-storm volumes within approximately three days.