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PetroQuest Resources, Inc. Announces Planned Acquisition of Five Gas and Oil Wells in Vinton County, Ohio

Posted on: Tuesday, 23 October 2007, 18:00 CDT

PetroQuest Resources, Inc. (Pink Sheets:PQRJ) announced today that Mountaineer Gas Transmission, Inc., its wholly owned gas and oil production subsidiary, just contracted for acquisition 100% of the working interest in five gas and oil wells in Vinton County, Ohio. These five gas and oil wells hold oil and gas leases on approximately 500 acres of future drilling sites.

The Company plans to rework all five of the wells to be acquired. The gas produced will be available for sale to an industrial end user of natural gas that has requested PetroQuest supply it with the natural gas it needs for operations. Supplying gas directly to an end user is a win/win situation for PetroQuest and the end user of the gas. PetroQuest will sell the gas at a price that is in excess of wholesale, the price typically paid to a producer of natural gas, and the end user will pay less than retail price for the gas. Oil produced from these wells will be sold into the open market.

Additionally, the Company's Management believes these five wells are ideal for re-completion in uphole production zones.

For more information contact Tommy L. McDonald, Secretary of PetroQuest Resources, at:

PetroQuest Resources, Inc.

1112 East Copeland Road

Suite 420

Arlington, Texas 76011

440-368-3558

817-795-0154 Fax

tmcdonald.petroquest@gmail.com

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, the 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.

Source: Business Wire

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