8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 20, 2011

PETROQUEST ENERGY, INC.

(Exact name of registrant as specified in its charter)

DELAWARE	001-32681	72-1440714
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

400 E. Kaliste Saloom Rd., Suite 6000 Lafayette, Louisiana	70508
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (337) 232-7028

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure

On October 20, 2011, PetroQuest Energy, Inc. (the “Company”) issued a press release announcing the flow test results at La Cantera and updating its operating activities. This press release is filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

In accordance with General Instructions B.2 and B.6 of Form 8-K, the foregoing information, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits:

99.1 Press Release dated October 20, 2011.

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	PETROQUEST ENERGY, INC.
Date: October 20, 2011	By:	/s/ J. Bond Clement
		J. Bond Clement
		Executive Vice President, Chief Financial Officer and Treasurer

3

EX-99.1

Exhibit 99.1

NEWS RELEASE

For further information, contact:	Matt Quantz, Manager — Corporate Communications
	(337) 232-7028, www.petroquest.com

PETROQUEST ENERGY ANNOUNCES FLOW TEST RESULTS AT LA CANTERA AND
UPDATES OPERATING ACTIVITIES

LAFAYETTE, LA — October 20, 2011 — PetroQuest Energy, Inc. (NYSE: PQ) announced today that it has completed a limited flow test at its La Cantera discovery located in Vermilion Parish, LA. The test results from a 10/64 inch restricted choke indicate the well is expected to produce at a gross daily rate of 20-30 MMcf of gas plus approximately 20 barrels of oil and 36 barrels of natural gas liquids per MMcf of gas. The Company continues to build surface facilities and expects to initiate production during the first quarter of 2012.

During September 2011, the Company acquired an additional 1.58% working interest (NRI — 1.14%) in the La Cantera discovery from a partner. As a result, the Company has an approximate 17% net revenue interest in the well.

The Company plans to spud its La Cantera #2 well approximately 1/2 mile north of the discovery well during the second quarter of 2012. The La Cantera #2 well is expected to evaluate the unbooked northern portion of the structure offsetting the initial well and the Company estimates total gross well cost of approximately $23 million (WI- 24%).

In Oklahoma, the Company recently completed five operated Woodford horizontal wells. The following is a summary of the results:

								24 Hour Gross Rate
Well Number	NRI			Initial Sales Date		Lateral Length (ft.)		(Mcf/d)
PQ 56		22	%		9/30/2011		4,993		6,293
PQ 57		25	%		10/2/2011		4,960		4,467
PQ 58		23	%		8/19/2011		4,895		6,036
PQ 59		23	%		8/17/2011		5,006		6,233
PQ 61		15	%		9/24/2011		4,949		2,968

In addition to the above completions, the Company has reached total depth on ten Woodford operated wells and expects to complete all ten plus one to three additional Woodford operated wells during the fourth quarter.

At the end of the second quarter, the Company initiated production from PQ 52 (IP rate — 8,935 Mcf/d), which is located on the western side of its Woodford acreage position. As of September 30, 2011, the well was producing 4,538 Mcf/d of liquids rich gas (1,200 Btu). The Company is currently working with a mid-stream service provider to design and implement the build out of natural gas liquids processing facilities in the area. Concurrent with the construction of these facilities, the Company expects to commence a multi-well drilling program targeting this potentially liquids rich section of the Woodford Shale. The Company currently plans to drill 12-16 wells in this area during 2012.

In East Texas, the Company recently completed four (two operated and two non-operated) horizontal Cotton Valley wells. The following is a summary of the results:

										24 Hour
								24 Hour Gross Rate		Gross NGL
Well Number	NRI			Initial Sales Date		Lateral Length (ft.)		(Mcf/d)		Rate (Bbls/d)
PQ/CVX #2		39	%		9/12/11		3,204		3,283		237
PQ/CVX #3		39	%		10/6/11		2,899		3,761		260
Classic/PQ #4		24	%		8/25/11		2,025		4,265		257
Classic/PQ #5		24	%		8/23/11		2,285		5,051		317

In South Texas, the Company’s second and third operated Eagle Ford Shale wells (NRI — 38% and 33%, respectively) located in La Salle County have been completed. The wells achieved 24 hour maximum gross daily production rates of 363 Boe/d (94% oil) and 543 Boe/d (82% oil), respectively. In addition, the Company recently participated in two non-operated La Salle County wells that are in the early stages of flow back.

In the Gulf Coast, the Company has reached total depth on its first well in its four well Ship Shoal 72 sidetrack program targeting oil reservoirs. The well encountered four stacked sand packages containing a total of 57 net feet of pay. The Company is currently completing the well (NRI — 45%) and expects an initial production rate of 300-400 Boe/d during November 2011. In addition, the Company expects to spud its second Ship Shoal 72 prospect in approximately one week.

In Northern Oklahoma, the Company continues to acquire Mississippian Lime acreage through leasing efforts and currently has a total of approximately 28,000 net acres in the trend. The Company expects to spud its first operated well at the end of the year.

Management Statement

“Based on an estimated initial flow rate of 20 to 30 million cubic feet of gas per day plus the stronger than expected liquids yield, we are projecting the La Cantera discovery could payout our $11 million net investment, which includes the acquisition of additional interest, within approximately twelve months.” said Charles T. Goodson, Chairman, Chief Executive Officer and President. “As a result of the success of our surging operational activity, we are forecasting production growth in the fourth quarter of 2011 and we expect to achieve annual reserve growth for 2011 in excess of 25%.”

About the Company

PetroQuest Energy, Inc. is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Arkoma Basin, Wyoming, Texas, South Louisiana and the shallow waters of the Gulf of Mexico. PetroQuest’s common stock trades on the New York Stock Exchange under the ticker PQ.

Forward-Looking Statements

This news release contains “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. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are our ability to find oil and natural gas reserves that are economically recoverable, the volatility of oil and natural gas prices and significantly depressed natural gas prices since the middle of 2008, the uncertain economic conditions in the United States and globally, the declines in the values of our properties that have resulted in and may in the future result in additional ceiling test write-downs, our ability to replace reserves and sustain production, our estimate of the sufficiency of our existing capital sources, our ability to raise additional capital to fund cash requirements for future operations, the uncertainties involved in prospect development and property acquisitions or dispositions and in projecting future rates of production or future reserves, the timing of development expenditures and drilling of wells, hurricanes and other natural disasters, changes in laws and regulations as they relate to our operations, including our fracing operations in shale plays or our operations in the Gulf of Mexico, and the operating hazards attendant to the oil and gas business. In particular, careful consideration should be given to cautionary statements made in the various reports PetroQuest has filed with the Securities and Exchange Commission. PetroQuest undertakes no duty to update or revise these forward-looking statements.

Click here for more information: “http://www.petroquest.com/news.html?=BizID=1690&1=1”