The company expects to produce more than 15 billion cubic feet equivalent (Bcfe) in calendar 2008, and 8Bcfe in calendar 2007.
Last week, it completed the acquisition of seven gas fields in the Gulf of Mexico for $US110 million ($122 million), from privately owned US oil and gas company LLOG Exploration, adding to its operations in the Gulf of Mexico and onshore Louisiana.
Petsec now has 56 offshore leases and six onshore projects.
Chairman Terry Fern said yesterday the acquisitions had doubled the company's existing gas reserves to 68.3Bcfe.
"The (new) assets are producing currently at the rate of about 35 million cubic feet of gas a day and that will mean we'll produce something in the order of nine to 10Bcfe in 2008 (from those fields)," Mr Fern said.
"In addition to our existing reserves, we'll produce in excess of 15Bcfe.
"That should generate well in excess of $US80 million free cash flow.
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