[PETROQUEST ENERGY, INC. LOGO]


NEWS RELEASE

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


              PETROQUEST ENERGY INCREASES FOURTH QUARTER PRODUCTION
            GUIDANCE AND ANNOUNCES FIRST QUARTER PRODUCTION GUIDANCE

Lafayette, Louisiana - November 16, 2004 - PetroQuest Energy, Inc. (NASDAQ:
PQUE) announced today that it is increasing its fourth quarter production
guidance to 35-37 Mmcfe per day from its previously issued guidance of 33-35
Mmcfe per day. This increase is primarily the result of higher than expected
production rates related to recent recompletions at its Ship Shoal 72 Field.

Also, based on additional information from the operator of the pipeline that
transports gas from its Main Pass 74 Field, the Company now believes that
operations could resume during February 2005. Additionally, the Company projects
its first quarter 2005 net production at 40-44 Mmcfe per day which assumes
production will resume from the Main Pass 74 Field on March 1, 2005.

"As previously announced, we have forecasted no production from our Main Pass 74
Field during the fourth quarter of 2004," said Charles T. Goodson, Chairman,
Chief Executive Officer and President. "In addition, this deferred production
results in no change to the Company's previously planned capital program."

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.