PetroQuest Gets Joint Venture for Gas Project

Associated Press

LAFAYETTE, Louisiana -- PetroQuest Energy Inc. has entered into a joint venture with a subsidiary of FPL Group Inc. to develop PetroQuest's holdings in the Woodford Shale.

Located in southeastern Oklahoma, the Woodford is one of the major shale finds of natural gas over the past few years.

The FPL subsidiary -- NextEra Energy Inc. -- will play Lafayette-based PetroQuest $60 million and up to $28 million in 2011. NextEra will pay a portion of PetroQuest's future drilling costs in the Woodford Shale.

NextEra is involved in various generation projects, many of them involving alternative forms such as wind. FPL is a major power provider in the southeastern United States.