Petroquest Resources, Inc. Announces Conversion of Oil and Gas Well Into a Brine Water Disposal Well
PetroQuest Resources, Inc., (Computer Pink Sheets:PQRJ.PK), announced today that its controlled entity, Advanced Brine Disposal Services, LLC., is purchasing a non-producing oil and gas well situated in Vinton County, Ohio from Mountaineer Gas Transmission, Inc., one of PetroQuest’s wholly owned subsidiaries.
Arlington, Texas (PRWEB) October 16, 2007 -- PetroQuest Resources, Inc., (Computer Pink Sheets:PQRJ.PK), announced today that its controlled entity, Advanced Brine Disposal Services, LLC., is purchasing a non-producing oil and gas well situated in Vinton County, Ohio from Mountaineer Gas Transmission, Inc., one of PetroQuest’s wholly owned subsidiaries. Immediately after the purchase of the well is consummated, Advanced Brine Disposal Systems, Inc. plans to convert the well into use as a brine disposal well as both the well and its site were issued permits for such use by the State of Ohio.
The Company expects the newly acquired brine water disposal well and the business associated with it to reach stabilized operations’ status on approximately March 1, 2008. It is anticipated that the net revenue PetroQuest will receive from the brine disposal well in 2008 will be approximately $300,000.00 to $500,000.00, and that the net revenues to be received will increase significantly over the next several years.
About PetroQuest Resources, Inc.
PetroQuest Resources, Inc. (“PetroQuest”), a Nevada corporation, is a publicly held oil and gas production and exploration corporation. PetroQuest conducts its oil and gas business through its subsidiaries and controlled entities Mountaineer Gas Transmission Inc., Tyr Energy Inc., Twin Fork Transportation, LLC, Majestic Oilfield Services Inc, and Advanced Brine Disposal Systems, LLC. PetroQuest is focusing its effort in the states of West Virginia and Ohio, and becoming an oil and gas producer in the state of Texas in the near future. For more information, visit www.PetroQuestRes.com.
For more information, please contact Tommy McDonald, the Secretary of PetroQuest Resources, Inc., at the address and telephone number shown below:
Mr. Tommy L. McDonald
PetroQuest Resources, Inc.
1112 East Copeland Road
Suite 420
Arlington, Texas 76011
(440)368-3558
(817)795-0154 (Fax)
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, the potential for additional customer growth from acquired operations and additional opportunities for growth. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: general economic business conditions, unfavorable weather conditions, the success of certain cost containment initiatives, changes in regulations or regulatory treatment, availability and the cost of capital, success of growth initiatives, and other factors discussed in our filings with the Securities and Exchange Commissions. Additionally this release may not be considered as legal, accounting, or investment advice, and is not, and may not be considered, a solicitation for the purchase of any securities issued by PetroQuest Resources, Inc.
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