8-K

                       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): February 26, 2002
                              (February 26, 2002)


                             PETROQUEST ENERGY, INC.
             (Exact name of registrant as specified in its charter)

                                    Delaware
                            (State of incorporation)


                 1-9020                                   72-1440714
        (Commission File Number)                         (IRS Employer
                                                      Identification No.)


       400 E. Kaliste Saloom Road, Suite 3000, Lafayette, Louisiana 70508
              (Address of Registrant's principal executive offices)



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



                                 Not Applicable
          (Former name or former address, if changed since last report)




ITEM 5.  OTHER EVENTS

         On February 26, 2002, PetroQuest Energy, Inc. issued a press release
announcing, among other things, a 68% growth in proved reserves and a reserve
replacement rate of 342% in 2001.

         The press release is filed as an exhibit hereto and is incorporated
herein by reference.

ITEM 7.  FINANCIAL STATEMENT AND EXHIBITS

a.       Financial Statement of Business Acquired

         None.

b.       Pro Forma Financial Information

         None.

c.       Exhibits

         99.1     Press Release

                                    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 hereunto duly authorized.


Date: February 26, 2002               PETROQUEST ENERGY, INC.


                                      By: /s/ Daniel G. Fournerat
                                          --------------------------------------
                                          Daniel G. Fournerat
                                          Senior Vice President, General Counsel
                                          and Secretary




                                       2

EX-99.1

                                                                    EXHIBIT 99.1

[PetroQuest Energy, Inc. Letterhead]



NEWS RELEASE
FOR IMMEDIATE RELEASE

For further information, contact:  Robert R. Brooksher, Vice President -
                                                        Corporate Communications
                                   (337) 232-7028

                 PETROQUEST ENERGY POSTS 68% GROWTH IN RESERVES,
                     342% RESERVE REPLACEMENT RATE FOR 2001


Lafayette, Louisiana - February 26, 2002 - PetroQuest Energy, Inc. (NASDAQ:PQUE)
announced today that it ended 2001 with proved reserves of 82.2 billion cubic
feet equivalent (Bcfe) of natural gas and a reserve replacement rate of 342%.
This represents an increase of 68% over 2000 year-end proved reserves of 48.8
Bcfe.

At December 31, 2001, the Company's independent petroleum engineers estimated
the net present value, excluding income taxes, of these reserves, using prices
in effect as of year-end 2001 and discounted 10%, at $88.2 million.

Reserve additions from drilling and acquisitions, including revisions, equaled
47.2 Bcfe and represents a reserve replacement rate equal to 342% of the
Company's 2001 production of approximately 13.8 Bcfe. All-inclusive finding and
development costs for the year were $1.43 per Mcfe.

The 2001 reserve increase is the result of the Company's successful drilling
program onshore and offshore in the Gulf Coast Region where thirteen wells were
drilled during the year with ten wells completed for a 77% success rate.

PetroQuest Energy Inc. is an independent energy company engaged in the
exploration, development, acquisition and production of oil and natural gas
reserves in the Gulf Coast Basin, both onshore and in shallow waters offshore.

This press 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 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 estimating quantities of proved
oil and natural gas reserves, in prospect development and property acquisitions
and in projecting future rates of production, the timing of development
expenditures and drilling of wells 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.