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Monday, 01 December, 2008, 23:40 GMT | more >>

Questar closes Louisiana purchase



By Upstream staff 

Questar has closed the previously announced purchase of two natural gas development properties in Louisiana for $659 million.

The properties are located in Red River and Bienville Parishes, just south of Questar's existing Elm Grove field operations.

Questar said it now expects to earn between $3.50 and $3.20 per share as opposed to previous guidance of $2.90 to $3.05 per share as a result of the newly acquired properties, the recent increase in natural gas and crude oil prices, and additional natural gas fixed-price hedges.

The company has also boosted its total production figures. Quester now expects to produce up to 163 billion cubic feet of natural gas equivalent, as opposed to originally topping out at 151 Bcfe.

Overall, Questar expects to grow its production by 14% to 16% in 2008.


Monday, 03 March, 2008, 17:18 GMT  | last updated: Monday, 03 March, 2008, 19:41 GMT

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