PetroQuest Resources recently announced that its controlled entity, Advanced Brine Disposal Services, is purchasing a non-producing oil & gas will in Vinton County, Ohio from Mountaineer Gas Transmission. Soon after the purchase is completed, the entity intends to convert the well for use as a brine disposal well.
The Company expects the well and the business associated with it to reach stabilized operations’ status approximately March 1st of next year. It is expected that the net revenue for 2008 will total about $300,000.00 to $500,000.00, and that it will in increase significantly over the next several years.
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