EXHIBIT 99.2


[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 $21 MILLION STOCK OFFERING

Lafayette, Louisiana - October 30, 2002 - PetroQuest Energy, Inc. (NASDAQ: PQUE)
announced today the offering of 5,000,000 shares of its common stock in an
underwritten offering at a price of $4.25 per share. The Company also granted to
the underwriter a thirty-day option to purchase up to 750,000 shares of common
stock to cover over-allotments.

The net proceeds of 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.

The offering is being underwritten by Friedman, Billings, Ramsey & Co., Inc.
When available, copies of the prospectus can be obtained from Friedman,
Billings, Ramsey & Co., Inc., 1001 19th Street North, Arlington, Virginia 22209.

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.