ARLINGTON, Texas, Oct. 24 (UPI) -- Texas-based PetroQuest Resources Inc. will acquire five new wells.

The deal, announced Wednesday, is between PetroQuest's subsidiary, Mountaineer Gas Transmission Inc., and Vinton County, Ohio.

These five gas and oil wells hold oil and gas leases on approximately 500 acres of future drilling sites.

The company plans to rework all five of the wells. PetroQuest will supply the gas that's produced directly to an industrial end user that has requested the product.

Another Texas oil and gas company, Pioneer Natural Resources Co., announced continued progress with its drilling program in the Edwards Trend in South Texas.

Two new fields have been discovered, and development drilling is currently producing 60 million cubic feet per day of gas, a 50 percent increase from the end of 2006. Average production is expected to exceed the 30 percent annual growth rate targeted for 2007.

"The Edwards Trend is one of Pioneer's four onshore core areas in the U.S. and Tunisia which are delivering consistent production growth and providing the basis for our confidence in achieving our 12-plus percent production per share annual growth target over the 2007 through 2010 period," said Scott Sheffield, chairman and chief executive officer of Pioneer.