8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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):
July 5, 2005

PETROQUEST ENERGY, INC.

(Exact name of registrant as specified in its charter)

DELAWARE (State of Incorporation)	72-1440714 (I.R.S. Employer Identification No.)
400 E. Kaliste Saloom Rd., Suite 6000 Lafayette, Louisiana (Address of principal executive offices)	70508 (Zip code)

Commission File Number: 0-019020

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

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.01. Completion of Acquisition or Disposition of Assets.

Acquisition of Assets in Oklahoma

     On July 1, 2005, the Company closed the remaining two of the four previously announced purchase and sale agreements to acquire assets in Oklahoma for an aggregate adjusted purchase price of $21.3 million. These two purchase and sale agreements relate to multiple producing gas properties and four gas gathering systems located in Pittsburg and various other Oklahoma counties. The effective dates of the purchase of the gas properties and the gas gathering systems are October 1, 2004 and January 1, 2005, respectively. The closing of these purchase and sale agreements did not include the previously disclosed proposed acquisition of additional interests that would have increased the interests to be acquired by the Company in the producing properties by a proportionate 20%.

     The Company expects to allocate approximately $8 million of the purchase price to unevaluated leasehold, and $5.3 million to the gathering systems. The purchase price was funded with a portion of the remaining proceeds from the Company’s offering of 10 3/8% Senior Notes due 2012.

Item 9.01. Financial Statements and Exhibits

(a)	Financial Statements of Business Acquired:
	NONE
(b)	Pro Forma Financial Information:
	NONE
(c)	Exhibits: 99.1 Press Release dated July 5, 2005.

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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 thereunto duly authorized.

	PETROQUEST ENERGY, INC.
Date: July 5, 2005	By:	/s/ Daniel G. Fournerat
		Daniel G. Fournerat
		Senior Vice President, General Counsel and Secretary

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Exhibit Index

Exhibit
Number		Description
	99.1	Press Release dated July 5, 2005.

EX-99.1

EXHIBIT 99.1

NEWS RELEASE

For further information, contact:   W. Todd Zehnder, Vice President — Corporate Communications
(337) 232-7028, www.petroquest.com

PETROQUEST ENERGY CLOSES ARKOMA BASIN ACQUISITIONS

LAFAYETTE, LA — July 5, 2005 — PetroQuest Energy, Inc. (NASDAQ: PQUE) announced today that the Company has closed on a previously announced acquisition of natural gas properties located in the Arkoma Basin of Oklahoma for an adjusted purchase price of approximately $16 million.

In related transactions, the Company also closed on the acquisition of related systems that gather and transport gas from the properties for an adjusted purchase price of approximately $5 million. These systems currently generate throughput fees from third parties in the area.

“These acquisitions further increase our presence in the Arkoma Basin where we now have approximately 325 development locations in the Hartshorne Coal formation,” said Charles T. Goodson, Chairman, Chief Executive Officer and President.

About the Company
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. PetroQuest trades on the Nasdaq National Market under the ticker symbol “PQUE.”

Forward-Looking Statements
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.