PetroQuest enters Louisiana oil focused joint venture

PetroQuest Energy (PQ +1.3%) agrees to acquire a 50% stake in the 30K acres Midstates Petroleum (MPO -0.8%) has under lease in Louisiana west of Baton Rouge, in a deal valued at $24M.

PQ will be the lease operator and plans to drill two exploration wells during H2 2014 with additional wells to be drilled in 2015.

MPO says the leases contain 355M boe, and it has identified more than 12 prospects on the property.

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