December 20, 2005 - 2:09 PM EST
PetroQuest Resources, Inc. Announces Acquisition of Operations Contract
ARLINGTON, Texas, Dec. 20 /PRNewswire-FirstCall/ -- PetroQuest Resources, Inc. (OTC Pink Sheets: PQRJ), announced today that Majestic Oilfield Services, Inc., its wholly owned operations subsidiary, recently acquired a full service contract to operate 57 oil and gas wells in West Virginia for a third party producer. PetroQuest Resources, Inc.'s President, Warren F. Lory, stated:
This contract should provide PetroQuest Resources, Inc. with annual net
revenue of $75,000.00 to $125,000.00 or more for its well tending
operations once all wells are producing. Additional revenues to the
Company will be derived from these wells for the performance of other
necessary maintenance and service work. Also, this contract will begin
to establish Majestic as a reliable and viable full-service oil and gas
operating company in the area.
Majestic has also laid a 5 mile low pressure natural gas line (for the producer) to connect a series of natural gas and oil wells that have not been in production for over 20 years. In connection with laying this pipeline, Majestic Oilfield Services, Inc. fabricated a newly designed (by Dominion Hope Gas) meter sales point for use on future Dominion Hope Gas purchases and sales points for closed systems.
For more information, please contact Scott Cherep, the Secretary of PetroQuest Resources, Inc., at the address and telephone number shown below:
Mr. Scott Cherep
PetroQuest Resources, Inc.
1112 East Copeland Road
Arlington, Texas 76011
(817) 795-0154 - Fax