April 2006

400 East Kaliste Saloom Road, Suite 6000

Lafayette, Louisiana 70508
Phone: (337) 232-7028
Fax: (337) 232-0044
www.petroquest.com

NYSE: PQ

Corporate Contact: Todd Zehnder

The information presented herein may contain predictions, estimates and other forward-looking statements within the

meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although
the company believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals
will be achieved. Important factors that could cause actual results to differ materially from those included in the forward
looking statements include the timing and extent of changes in commodity prices for oil and gas, the need to develop and
replace reserves, the impact of inclement weather conditions including hurricanes, drilling and operating risks, uncertainties
about the estimates of reserves, competition, environmental risks, government regulation and the ability of the company to
meet its stated business goals.

Opening Remarks

Corporate Characteristics

Historically, our growth has come through the drill bit

and strategic acquisitions

7-year historical drilling success – 88%

7-year F&D and Reserve Replacement – $2.52/Mcfe

and 255%

Added resource play acreage to growth profile –

closed 12 acquisitions (68 Bcfe) since December
2003 (blended cost of $1.44/Mcfe)

Top quartile operator among peers

Highly experienced team with proven track record

for generating shareholder returns

Merger

$0.81

$5.32

$700

$163

$11.45

Adding Up Our Milestones

Seven Years of Growth

Reserves 38% CAGR

Production 39% CAGR

Cash Flow 137% CAGR

Shareholders’ Equity 35% CAGR

Stock price 39% CAGR

Optimize Existing Production

Development Drilling

Resource Play Development

Synergistic Acquisitions

Exploration Program

Increases in Corporate Metrics

Company Growth Strategy

Arkoma

Basin

East Texas

Gulf Coast

Region

Lafayette

Houston

New Orleans

Non-operated

PQ operated

We have grown beyond

being solely a Gulf Coast

Basin company -

8.1 R/P Ratio at 12/31/05

50% Reserves

Our Properties

EAST TX

ARKOMA

South

Louisiana

Offshore

GOM

UNCONVENTIONAL PLAYS

Proved

Reserves (1)

40.1

25.4

14.5

50.9

Drilling

Locations (1)

180

679

Yearly

Prod. (2)

EAST TEXAS

ARKOMA

SOUTH LOUISIANA

OFFSHORE GULF OF MEXICO

Three

separate
basins – all
core to PQ

Gulf Coast

Net Unrisked

Inventory (1)

515

188

216

(1) As of December 31, 2005 (reserves and inventory in Bcfe)

(2) Based on guidance for 2006 (62 – 69 MMcfe/day)

Our Portfolio

Three

separate
basins – all
poised for
growth

Propelling our Future Growth

Approximately 40% of projected reserve growth will

come from new “resource” plays

50% of our reserves are in long-lived basins

To date – 94% drill bit success rate in long-lived areas

30% of our daily production is from these areas

Concentration in three core areas with significant

control of operations

Large acreage positions with expansion potential

Facilities ownership and control

Value adding potential through technology

improvements in long-lived areas

Oklahoma

Arkansas

Approximately 35,000 net acres in the Hartshorne Coal

Approximately 500 Hartshorne Coal locations identified

Three rigs working full time in the Hartshorne Coal

Typical economics: .6 Bcf; $600,000 completed well cost; 150-500 Mcf/day I.P. rate

Additional upside in other horizons (Cromwell, Booch)

Operate 152 miles of gathering system

Current production of ~9,000 Mcf/day from the Hartshorne coal; increasing monthly

Hartshorne

Coal

Arkoma

Basin

Arkoma Basin

Horizontal Coal Bed Methane Well Economics

Capital Expenditure $0.6MM

Reserves 0.6 Bcfe

F&D Cost (per Mcf) $1.00

LOE $0.65 / Mcfe

I.P. Rate 0.25 MMcfe/d

Reserve Life 25 years

Gas Price (per Mcf)

Arkoma Basin

Arkoma Basin

Caney / Woodford Shale

PQ acreage

LEGEND

Caney Woodford

Shale Trend

Fayetteville

Shale Trend

Barnett

Shale Trend

Texas

Oklahoma

Arkansas

Caney / Woodford Shale

Approximately 20,000 net acres

Projected 80 acre spacing - 250 locations

Projected 40 acre spacing - 500 locations

Current economics per well: 2.5 Bcf; $3.5MM

completed well cost; 2.2 MMcf/day I.P. rate

PQ plans to begin development of our shale

acreage during April 2006

Arkoma Basin – Emerging Resource Play

East Texas Basin

58,000 gross acres; anchored by SE Carthage Field

13 MMcfe/day net production (average of 12/05)

12,500 Mcfe/day net production in SE Carthage Field

500 Mcfe/day net production in other areas

Travis Peak and Cotton Valley Formations

$1.9 MM average well cost – dual completion

1+ Bcfe reserve potential per well

Over 100 identified locations in SE Carthage Field

Four new areas entered during 2005 with 80+ possible locations

Two full time rigs working in the basin

SE CARTHAGE

GROSS ACRES: 45,000

I.P. RATE – 1,300

MCF/DAY

POTENTIAL DRILLS:

100+

SOUTH HAWKINS

GROSS ACRES: 951

I.P. RATE - 500 MCF/DAY

POTENTIAL DRILLS:

NICKLAUS PROSPECT

GROSS ACRES: 1,055

15+

POTENTIAL DRILLS:

JONES PROSPECT

GROSS ACRES: 2,540

POTENTIAL DRILLS:

15+

SOUTH ALTO

GROSS ACRES: 4,845

I.P. RATE – 1,000

MCF/DAY

POTENTIAL DRILLS: 15

HOGAN PROSPECT

GROSS ACRES: 1,613

POTENTIAL DRILLS:

15+

PALMER PROSPECT

GROSS ACRES: 1,900

POTENTIAL DRILLS:

15+

PROSPECTS

DISCOVERIES

TEXAS

East Texas Basin

Capital Expenditure $1.9MM

Reserves 1.1 Bcfe

F&D Cost (per Mcf) $1.73

LOE $0.73 / Mcfe

I.P. Rate 1.3 MMcfe/d

Reserve Life 30+ years

Gas Price (per Mcf)

Carthage Field – Dual Completed Well Economics

East Texas Basin

	2005 CF Multiple(1)	2006 CF Multiple(1)
PetroQuest Energy	5.7	3.6
Bill Barrett Corp	8.1	6.3
Carrizo Oil & Gas	12.3	8.9
Denbury Resources	9.4	8
EOG Resources	7	6.1
Gasco Energy	119.0(2)	55.3 (2)
Goodrich Petroleum	15.9	6.9
Quicksilver Resources	16.2	10.3
Southwestern Energy	16.7	11.9
The Exploration Co.	12.9(3)	8.0(3)
Ultra Petroleum	22.1	16.2
Average, excluding PetroQuest	24	13.8

Average, excluding high / low & PetroQuest	14.2	9.6

⁽¹⁾Completion of estimates from the Gerdes Group as of 3/3/06

⁽²⁾ Jefferies & Co. estimate

⁽³⁾A.G. Edwards estimate

Resource Players

Cash Flow Comparison

Oakbourne

(P&A)

Turducken

Cayenne (Producing)

The Farm

Lafayette

Pelican Point

(Completing)

Grey Plantation

English Turn

Atchafalaya

2006 South Louisiana Drilling Program

Pacific Grove

(Drilling)

Lafayette

Grayhawk

(Completing)

Pine Valley

Denali

(P&A)

WC Drilling

Program

SS 72 Drilling

Program

2006 Gulf of Mexico Drilling Program

Consistent Approach Generates

Continued Growth

Economic reserve additions and

production growth

Effective cost control

Balanced portfolio of projects

Use acquisitions to augment future

drilling program

Resource Play

Inventory Wedge

East Texas

Arkoma

Gulf Coast

Bcfe

2006

2007

Growth in Reserves

in millions

Cash Flow Growth

$ / Mcf

Gross Margin

Onshore

Offshore

100% Gulf Coast

29% East

Texas

20% Arkoma

24% South

Louisiana

27% GOM

$145 - 160 million

Drill 158 Wells

$64 million

Drilled 10 Wells

2002

2006

Capital Investment Program –

Our Change is Complete

Drilling Activity Leads to Production Growth

Gulf Coast

East Texas

Arkoma

Bcfe

We’re Forecasting Production Growth

Framework for Future Growth

PetroQuest has the inventory and capability to

continue its steady production and reserve
growth in all three basins

Resource plays forecasted to grow production

and reserves in our long-lived areas

Continue to improve operating efficiencies in our

long-lived areas through continuous drilling

15 high quality exploration prospects in inventory

Balance sheet supports reserve base expansion

Management owns largest portion of company

among peer group

April 2006