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): November 21, 2002
                              (November 21, 2002)


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

                                    Delaware
                            (State of incorporation)


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


       400 E. Kaliste Saloom Road, Suite 6000, 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 November 21, 2002, PetroQuest Energy, Inc. issued a press release
announcing, among other things, gas hedges for 2003 and operations updates.

     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: November 21, 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, INC. ANNOUNCES GAS HEDGES FOR 2003

Lafayette, Louisiana - November 21, 2002 - PetroQuest Energy, Inc. (NASDAQ:
PQUE) announced today that it has hedged 7,000 Mcf per day of its natural gas
production for the calendar year 2003. These natural gas hedges are in the form
of swaps at an average price of $4.015 per MMbtu. The total gas presently hedged
for 2003 is 2.555 Bcf.

"Hedging at these price levels locks in favorable returns on the volumes hedged
in addition to providing the Company with more predictable cash flow," said
Charles Goodson, Chairman and Chief Executive Officer. "We continue to evaluate
the market for additional opportunities to hedge not only incremental volumes of
natural gas, but also crude oil."

Updating operations, PetroQuest recently began drilling two wells, the Berry
Lake #2 offsetting our recent Berry Lake discovery, and the initial test well at
the Redfish Prospect. Both wells are anticipated to be logged before year-end.

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.