Lafayette-based PetroQuest Energy Inc. reported its first multi-well project in the Cotton Valley field produced the equivalent of 38.2 million cubic feet of natural gas during the first 24 hours of production.

Close to 72 percent of the three-well pad's production was natural gas, with the remainder natural gas liquids and oil.

As a result of better-than-expected production from existing wells and the performance of the latest three-well pad, PetroQuest increased its second-quarter daily production guidance to the equivalent of 68 million to 69 million cubic feet of natural gas, up from the previous projection of 62 million to 65 million cubic feet. Third-quarter daily production guidance was increased to the equivalent of 85 million to 90 million cubic feet from 80 million to 84 million cubic feet.

One of PetroQuest's stated goals was to double daily production to the equivalent of around 100 million cubic feet of natural gas by the end of 2017, said Charles T. Goodson, chairman, chief executive officer and president. PetroQuest continues to benefit from its close proximity to the Gulf Coast petrochemical corridor, where billions are being invested in industrial upgrades and expansions. The build-out of liquefied natural gas export facilities should allow a portion of excess U.S. natural gas production to be sold internationally, where prices are higher.