The firm said that, if these negotiations are successful, the new oil and gas wells will be drilled and completed in five phases of 50 wells each, for a total of 250 wells.
PetroQuest noted that, as the price of standard grade crude oil continues to be near the $100 per barrel level, the contemplated project is viable.
Additionally, there is a significant likelihood that the contemplated 18.5-mile pipeline could be sold to a major gas transporter and supplier shortly after its completion for a substantial profit, according to PetroQuest.
