EXHIBIT 99.1

[PETROQUEST LOGO]
NEWS RELEASE
IMMEDIATE RELEASE

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

          PETROQUEST ENERGY ACQUIRES ARKOMA BASIN NATURAL GAS RESERVES

Lafayette, Louisiana - October 14, 2004 - PetroQuest Energy, Inc. (NASDAQ: PQUE)
today announced that the Company has acquired from a private company its
interest in natural gas properties located in the Arkoma Basin of Oklahoma for
approximately $13.5 million. The Company expects to allocate approximately $2
million of the purchase price to unevaluated acreage. In this transaction,
PetroQuest estimates it is acquiring approximately 8.8 Bcf of proved reserves,
of which 47% are proved developed producing and 100% are natural gas.
Development costs for the proved undeveloped reserves are estimated at $0.74 per
Mcf. The acquisition will initially add approximately 1.5 MMcf per day to the
Company's production. The purchase was funded by PetroQuest's revolver under its
senior bank credit facility, the borrowing base of which was increased from $25
million to $38 million. The acquisition of the properties is subject to a 12.5%
election to participate by the Company's partners in an area of mutual interest,
which includes the acquired properties.

"This acquisition expands our existing operations in the Arkoma Basin, adding
approximately 6,000 net acres adjacent to our current acreage position and
approximately 28 miles of pipeline and infrastructure in Pittsburg County,
Oklahoma. This brings our total ownership to over 12,000 net acres and 36 miles
of pipeline in the area. The reserve to production ratio of the properties
acquired is approximately 16 years based on current production, which will
increase PetroQuest's overall reserve to production ratio," said Charles T.
Goodson, Chairman, Chief Executive Officer and President. "We are excited about
the activity in this core area having drilled and completed 10 wells since May
2004. We plan to add a second rig and drill approximately 50 horizontal coalbed
methane wells in the Hartshorne Coal Formation by the end of 2005 on our acreage
position. Also, we have identified thus far approximately 25 probable and
possible reserve locations, including coalbed methane and other prospective
horizons."

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, East Texas, South Louisiana and the shallow waters
of the Gulf of Mexico.

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.