PetroQuest Energy Announces Valentine Field Discoveryand Drilling Report.

Business Editors

LAFAYETTE, La.--(BUSINESS WIRE)--April 7, 2000

PetroQuest Energy, Inc. (Nasdaq: PQUE, TSE:PQU) today announced a significant oil and natural gas discovery in Valentine Field in South Louisiana.

The Middle Bay No. 1 was drilled to a true vertical depth

of 13,600 feet, logging 291 feet of gross hydrocarbon pay (230 net) in two Middle Miocene sands. Completion procedures are currently in progress with first production expected in June of 2000. PetroQuest is the operator of the discovery and owns a 40% working interest. Partners on this prospect include Samson Resources Company with a 50% working interest and other private companies. The well was originally planned to test additional Middle Miocene sands; however, because a second drilling liner was required to protect additional potentially productive sands, continued drilling in the well was deemed imprudent. These objectives will be tested in the next well, expected to begin within 90 days.

Drilling Update

PetroQuest began drilling the CL&F No. 15 Well in its Turtle Bayou Field on April 5, 2000. The Company operates the well with a 40% working interest. The well has multiple Middle Miocene objectives. A total of 10 wells have been successfully drilled and completed in Turtle Bayou Field by the Company, three of which since acquiring a second 3-D survey in the fourth quarter 1998. Three wells are currently planned over the next 12 months inclusive of the currently drilling No. 15 well.

PetroQuest plans to begin drilling its Jaguar prospect, a multi-well, Lower Pliocene/Upper Miocene project in Eugene Island 147 (Central Gulf of Mexico, OCS) prior to June 1, 2000. PetroQuest operates the project with partners Forest Oil Company (NYSE: FST) and privately held Virgin Oil Company.

PetroQuest, as operator, plans to begin drilling the Orca Prospect in Amite County, Mississippi, prior to June 15, 2000, targeting the fractured Tuscaloosa Marine Shale. PetroQuest maintains interest in four additional prospects in the area that will be drilled subject to the outcome of the Orca Prospect.

PetroQuest Energy, Inc. is an oil and gas exploration and production company primarily focused on growing its reserves and shareholder value through a combination of drilling development locations and high potential exploration prospects along and in the Gulf of Mexico.

This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future, including drilling of wells, reserve estimates, future production of oil and gas, future cash flows and other such matters are forward-looking statements. Such forward-looking statements are subject to certain risks, uncertainties and other factors, which could cause actual results to differ materially from those currently anticipated. These factors include, without limitation, uncertainties inherent in estimating proven oil and gas reserves, future rates of production and timing of development expenditures; results of exploratory and development drilling; operating hazards attendant to the oil and gas business; the successful identification, acquisition and operations and cash flows. Readers are cautioned that any such statements are not guarantees of future performance and the company can give no assurances that actual results or developments will not differ materially from those projected in the forward-looking statements.