January 6, 2010 / 11:16 AM / in 8 years

UPDATE 1-Petroquest cuts Q4 production, FY capex views

* Sees Q4 production 81-83 mmcfe/day vs 83-88 mmcfe earlier

* Cites unanticipated shut-ins

* Cuts FY09 capex to $60 mln from $65-$75 mln

* Says 2009 production view unchanged

Jan 6 (Reuters) - Independent oil and natural gas company Petroquest Energy Inc (PQ.N) cut its fourth-quarter production outlook citing shut-ins at various properties due to pipeline issues and the Hurricane Ida.

The company said it expects fourth-quarter production of 81 million to 83 million cubic feet equivalent (mmcfe) of natural gas per day, compared with 83 to 88 mmcfe it saw earlier. Petroquest, however, added that it would still meet its 2009 production outlook of 90 to 100 mmcfe per day.

Petroquest said it experienced a prolonged unanticipated shut-in at its well in its Pelican Point well in Louisiana due to third party pipeline issues.

It said several of its properties in the Gulf of Mexico were shut-in due to Hurricane Ida.

Petroquest cut its 2009 capital expenditure forecast to about $60 million from a range of $65 million to $75 million, as a result of deferral of several projects in the quarter.

“The company estimates that its current net production is approximately 90 mmcfed and 51 percent of its current net production is from its long-lived assets,” Petroquest said in a statement.

Shares of the company closed at $6.80 Tuesday on the New York Stock Exchange.

For the alerts, double click [ID:nWNBB5623] (Reporting by Arup Roychoudhury in Bangalore; Editing by Gopakumar Warrier)

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