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, INC. ANNOUNCES EXERCISE OF UNDERWRITER'S
               OVER-ALLOTMENT OPTION; PREVIOUSLY ANNOUNCED STOCK
                        OFFERING NOW TOTALS $22.9 MILLION

Lafayette, Louisiana - March 11, 2002 - PetroQuest Energy, Inc. (NASDAQ: PQUE)
announced today that Johnson Rice & Company, L.L.C., the underwriter for its
recent stock offering, has exercised the over-allotment option to purchase an
additional 648,145 shares of its common stock. With the exercise of the option,
the total proceeds from the offering realized by the Company is approximately
$21.9 million, net of underwriting discounts.

The proceeds from the offering will be used to fund exploration and development
activities, pay down debt and for other general corporate purposes. The Company
will use substantially all of the net proceeds to reduce indebtedness under its
bank credit facility, and then intends to use its bank credit facility and funds
provided from operations to fund exploration and development activities and for
other general corporate purposes.

Copies of the prospectus can be obtained from Johnson Rice & Company, L.L.C.,
639 Loyola Avenue, Suite 2775, New Orleans, Louisiana 70113.

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 and in projecting future rates of production, the
timing of development expenditures 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.