April 20, 2004 IPAA Oil & Gas Investment Symposium New York

2 2 Company Strategy ! Gulf Coast Basin (onshore and Gulf of Mexico Shelf) and East Texas explorer and developer ! Balanced growth approach • High impact exploration • Moderate/low risk exploitation/development • Acquisitions ! Spread risk by selling down to an average 50% WI in projects ! Operate major projects ! Maintain financial flexibility

3 3 Statistics ! NASDAQ National Market data • 12-month average daily volume – 650,000+ shares • Market capitalization – $175 MM • 52-week range $ $4.13 ! 77% drilling success rate for five years ended 12/31/03 ! All sources F&D cost of $1.93 per Mcfe on Bcfe added for five years ended 12/31/03 ! 83.3 Bcfe of net proved reserves at 12/31/03 • 69% natural gas ! PQUE operates majority of its reserves } Insiders own approximately 20% of PQUE equity

4 4 Production and Reserves PRODUCTION RESERVES Oil Gas PUD PDP & PDNP 44% 5 Yr CAGR 44% 5 Yr CAGR

5 5 Estimated Net Unrisked Reserve Potential

6 6 Opportunity Generation ! Seismic database • 8,650 square miles of 3-D seismic • 400,000 linear miles of 2-D seismic ! Acreage position • 60,600 developed acres • 89,100 undeveloped acres • 26 offshore blocks

7 7 Gulf of Mexico 3 D Seismic Database Houston New Orleans Lafayette HERCULES JOINT VENTURE I 3,900 square miles 490 OCS Blocks OTHER SEISMIC DATA 1,340 square miles 148 OCS Blocks TOTAL GOM SEISMIC 8,140 square miles 1,012 OCS Blocks HERCULES II 2,900 square miles 374 OCS Blocks -

Producing Fields 136 Producing Wells PQUE operated Non operated - Lafayette Houston New Orleans Major PetroQuest Project Locations Turtle Bayou Vermilion 376 Falcon Ship Shoal 72 Field Berry Lake Eagle East Cameron 129 Roux Vermilion 287 Jambalaya Vermilion 375 Hawk Trout East Cameron 222 Knight & Andouille Southeast Carthage Field High Island 201 Tasso Ship Shoal 269 Creole Beignet

Drilling Schedule

South Louisiana Drilling Program Henry #1 Discovery Beignet Filé Gumbo

11 Beignet Prospect “O” “P” “Q” “S” “Siph d.” Beignet #1 Shell #7Shell #1 Siph D. Ownership:12.5% WI Objectives:Lower Miocene Gross Unrisked Reserves: 18 BCFE Developmental 75 BCFE Exploration Shell #1.142 BCFE “Siph d.” Field Cum: 35.8 BCFE 2.8 BCFE

12 Filé & Gumbo Prospects Ownership: 100% WI Objectives: Tex W AA Sand Gross Unrisked Reserves: 13 BCFE FILÉ GUMBO Tex W AA C-1 TYPE LOG CUM: 6.1 BCFE

13 East Cameron 222 Andouille Discovery Vermilion 287 Jambalaya Ship Shoal 72 Chianti & Shiraz Main Pass 74 Eagle 2 Completing Lafayette 2004 Gulf of Mexico Drilling Program High Island 201 Tasso Discovery Ship Shoal 269 Creole East Cameron 129 Roux

14 Andouille Discovery CK Sand CM Sand CN Sand DB Sand DC Sand DJ Sand EA Sand Andouille #1 Ownership: 75% WI Water Depth: 115’ Objectives: Upper Pliocene Feet of pay: 95’ TVD Andouille #1 CM Sand CN Sand DB Sand DC Sand DJ Sand

15 Eagle Discoveries EAGLE #1 DISCOVERY Eagle #1 Discovery Eagle #2 Completing 71’ NEG Eagle #2 Ownership: 66.5% WI Water Depth: 138’ Objectives: Puma Sand

16 Tasso Discovery Ownership: 10% WI Water Depth: 69’ Objectives: Lower Rob M Spinnaker #3 Lower Rob M Upper Rob M Spinnaker #3 6.5 BCF & 29.6 MBO (Cumulative Production to date) Tasso #1 Completing Walters #1 3.5 BCFE

17 Jambalaya Prospect A PLATFORM PQUE PROPOSED A-1 TYPE LOG Prospective Section 10400’ Sand Ownership: 100% WI Water Depth: 180’ Objectives: Mid Pliocene Reserves: 12.2 BCFE Field Cum: 3.5 MMBO, 53 BCF A-1

18 Roux Prospect Ownership: 100% WI Water Depth: 81’ Objectives: Mid Pliocene Gross Unrisked Reserves: 7.1 BCFE TOC A-1 TYPE LOG ROUX #1 Plio 4 Plio 5 GI Sand CUM: 3.3 BCFE AMPLITUDE SUPPORT ZILKHA A-1 TOC A-1

19 Creole Prospect Ownership: 30% WI Objectives: CS-2 & CS-3 Sands Water Depth: 187’ Gross Unrisked Reserves: 7 BCFE A-3 TYPE LOG CREOLE #1 PROPOSED CS-2 Sand CS-3 Sand Field Cum: 14.3 MMBO, BCF

20 Ship Shoal 72 Field Potential PQUE Drills: 1.Merlot (72, #25 ST) 2.Chardonnay (72, #17 ST) 3.Cabernet (72, #7 ST) 4.Sauvignon Blanc (72, #6 ST) 5.Chenin Blanc (63, K6 ST) 6.Chardonnay Accel. (72, #28) 7.Burgundy (72, #27 ST) 8.Bordeaux (87, #5) 9.Port (72, #11 ST) 10.#26 Recomplete 11.Pinot Grigio 12.Riesling 13.Dolcetto Salt Dome Base of field pays Existing Field Pays 8,000’ 13,000’ 18,000’

21 Developmental and Mid-Depth Exploitation Projects: 1. Chianti 2. Shiraz 3. Zinfandel 4. Sangria 5. Dolcetto North Salt Dome Base of field pays 8,000’ 14,000’ 18,000’ Ship Shoal 72 Field Potential Syrah Prospect Pinot Noir Prospect Dolcetto Discovery Bordeaux Discovery Net Unrisked Reserve Potential 43 Bcfe “Deep Shelf” Opportunities: 1. Syrah 2. Pinot Noir 3. Pinot Blanc Net Unrisked Reserve Potential 90 Bcfe

22 Ship Shoal 72 Field Southern Development DOLCETTO DISCOVERY Cyc-8-10 BT-1 (min) BT-1 (max) SS87 SS72 SS71 SS88 BT-4 BB-3 DOLCETTO NORTH Gross Unrisked Reserve Potential Dolcetto North40 Bcfe DOLCETTO DISCOVERY

23 Ship Shoal 72 Field Central Program Gross Unrisked Reserve Potential Shiraz22 Bcfe Chianti24 Bcfe CHIANTI SHIRAZ A B AB A B A B I II III E-3 E-4 E-3/E-4 I-1 H-1 F-2 I-1 H-1 F-2 I-1 H-1 I II III

24 Southeast Carthage Field ! $23MM Purchase Price ! 29 BCFE total net proved reserves • 13.5 BCFE PDP • 3 BCFE PDNP • 12.5 BCFE PUD ! Probable and possible reserve potential ! 5.5 MMcfe/day net production ! 41,500 gross acres (16,400 acres developed) ! Travis Peak and Cotton Valley Formations • $800,000 average well cost • ,200 MMcfe reserve potential per well

25 Southeast Carthage Field Development Program LOUISIANA TEXAS Burnett #3 Burnett #4 Burnett # Locations LEGEND 2004 Drills P-DP P-UD P-BP PQUE LEASE POSITION P-NP

26 Southeast Carthage Field – Type Log TRAVIS PEAK 6,000’-8,500’ COTTON VALLEY 8,500’-10,000’ “A” “C” “D” “VAUGHN” “DAVIS” “E” “ROSEBERRY”

Capital Program Project FocusArea Focus In $ thousands Exploration $12,600 Development $29,900 Offshore $23,900 Onshore $18,600 56%44% 70% 30%

28 Financial Flexibility ! Senior Bank Credit Facility ! Borrowing Base at 12/31/03$20.2 Million ! Outstanding Debt at 12/31/03$15.5 Million ! Subordinated Term Credit Facility ! Total Credit Facility$20 Million ! Outstanding Debt at 12/31/03$12 Million ! Debt/Book Capitalization20% ! Debt/Market Capitalization18% Debt/Mcfe

29 Revenue

30 Gross Margin and Gross Margin Per Mcfe Gross Margin Per McfeGross Margin

31 Reserve Life Index (TTM)

32 Summary ! Proven Gulf Coast basin management and technical team – average 25+ years experience ! Extensive inventory of identified prospects – net unrisked reserve potential of 300+ Bcfe ! Existing 3-D database provides foundation for continued prospect generation ! Appropriate capital structure to continue opportunistic approach

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 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, environmental risks, drilling and operating risks, risks related to exploration and development, uncertainties about the estimates of reserves, competition, government regulation and the ability of the company to meet its stated business goals. April 20, 2004 IPAA Oil & Gas Investment Symposium New York