|PetroQuest Energy, Inc. (PetroQuest) is an independent oil and gas company. The Company has operations in Oklahoma, Texas, the Gulf Coast Basin, Arkansas and Wyoming. Its core areas also include East Texas. During the year ended December 31, 2011, PetroQuest drilled 95 gross exploratory wells and 23 gross development wells. During 2011, PetroQuest continued its evaluation of the Woodford Shale as it drilled and participated in 36 gross wells. During 2011, average daily production from the Company's Oklahoma properties totaled 35 million cubic feet equivalent per day, net production from its East Texas assets averaged 12 million cubic feet equivalent per day, and drilled five gross wells in the Gulf Coast Basin. On September 13, 2011, PetroQuest closed its Mississippian Lime acquisition of 28,250 acres. The acreage is located in Pawnee County, Oklahoma. On December 31, 2012, the Company sold its Fayetteville Shale assets located in Arkansas.