0000872248-14-000027.txt : 20140930 0000872248-14-000027.hdr.sgml : 20140930 20140930092814 ACCESSION NUMBER: 0000872248-14-000027 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20140930 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140930 DATE AS OF CHANGE: 20140930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PETROQUEST ENERGY INC CENTRAL INDEX KEY: 0000872248 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 721440714 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32681 FILM NUMBER: 141128424 BUSINESS ADDRESS: STREET 1: 400 E KALISTE SALOOM RD SUITE 6000 CITY: LAFAYETTE STATE: LA ZIP: 70508 BUSINESS PHONE: 3372327028 MAIL ADDRESS: STREET 1: 400 E KALISTE SALOOM RD SUITE 6000 CITY: LAFAYETTE STATE: LA ZIP: 70508 FORMER COMPANY: FORMER CONFORMED NAME: OPTIMA PETROLEUM CORP DATE OF NAME CHANGE: 19950726 8-K 1 pressrelease300914.htm 8-K PressRelease 300914


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

___________________________________________________________
FORM 8-K
___________________________________________________________

Current Report
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):
September 29, 2014
__________________________________________________________

PETROQUEST ENERGY, INC.
(Exact name of registrant as specified in its charter)


DELAWARE
(State of Incorporation)
72-1440714
(I.R.S. Employer Identification No.)
400 E. Kaliste Saloom Rd., Suite 6000
Lafayette, Louisiana (Address of principal executive offices)
70508
(Zip code)

Commission File Number: 001-32681

Registrant’s telephone number, including area code: (337) 232-7028
___________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Item 1.01. Entry into a Material Definitive Agreement
On September 29, 2014, PetroQuest Energy, Inc., a Delaware corporation (the “Company”), and PetroQuest Energy, L.L.C., a Louisiana limited liability company (the “Borrower”), entered into the Eighth Amendment to Credit Agreement (the “Eighth Amendment”), which amends the Credit Agreement dated as of October 2, 2008, as amended by that certain First Amendment to Credit Agreement dated as of March 24, 2009, that certain Second Amendment to Credit Agreement dated as of September 30, 2009, that certain Third Amendment to Credit Agreement dated as of August 5, 2010, that certain Fourth Amendment to Credit Agreement dated as of October 3, 2011, that certain Fifth Amendment to Credit Agreement dated as of March 29, 2013, that certain Sixth Amendment to Credit Agreement dated as of June 19, 2013 and that certain Seventh Amendment to Credit Agreement dated as of March 31, 2014 (collectively, the “Credit Agreement”), with JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Capital One, N.A., Iberiabank, Bank of America, N.A. and The Bank of Nova Scotia (collectively, “Lenders”).
Pursuant to the Eighth Amendment, the Lenders have agreed to (i) increase the Borrowing Base (as defined in the Credit Agreement) from $200 million to $220 million and (ii) increase the aggregate commitments of the Lenders from $150 million to $170 million. The Borrowing Base is based upon the valuation as of January 1 and July 1 of each year of the reserves attributable to the Company’s and its subsidiaries’ oil and gas properties and other credit factors deemed relevant by the Lenders. The Lenders and the Borrower agreed that the aforementioned increase in the Borrowing Base constituted the Scheduled Redetermination (as defined in the Credit Agreement), of the Borrowing Base scheduled for on or about September 30, 2014.
The foregoing description of the Eighth Amendment is not complete and is qualified by reference to the complete document, which is attached hereto as Exhibit 10.1 to this Form 8-K, and is incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information provided under Item 1.01 in this Current Report on Form 8-K regarding the Eighth Amendment is incorporated by reference into this Item 2.03.
Item 7.01. Regulation FD Disclosure
On September 30, 2014, the Company issued a press release announcing the sale of its Eagle Ford assets and borrowing base redetermination. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information set forth in the attached Exhibit 99.1 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Number
Description of Exhibit
10.1
Eighth Amendment to Credit Agreement dated as of September 29, 2014, among PetroQuest Energy, Inc., PetroQuest Energy, L.L.C., JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Capital One, N.A., Iberiabank, Bank of America, N.A. and The Bank of Nova Scotia.
99.1
Press Release dated September 30, 2014, announcing the sale of its Eagle Ford assets and borrowing base redetermination.
 

[Signature page follows]





SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 30, 2014
PETROQUEST ENERGY, INC.
                                
/s/ J. Bond Clement        
J. Bond Clement
Executive Vice President, Chief Financial Officer and Treasurer



 EX-10.1 2 ex101eighthamendmenttocred.htm EX-10-1 ex101EighthAmendmenttoCreditAgreement
Execution Version

    
EIGHTH AMENDMENT TO
CREDIT AGREEMENT
dated as of
September 29, 2014
among
PETROQUEST ENERGY, INC.,
as Parent,
PETROQUEST ENERGY, L.L.C.,
as Borrower,
JPMORGAN CHASE BANK, N.A.,
as Administrative Agent,
and
The Lenders Party Hereto
____________________________
WELLS FARGO BANK, N.A.,
as Syndication Agent,
and

CAPITAL ONE, N.A.,
as Documentation Agent
____________________________
J.P. MORGAN SECURITIES LLC,
as Lead Arranger
                                                    


US 2746239v.3



EIGHTH AMENDMENT TO CREDIT AGREEMENT

THIS EIGHTH AMENDMENT TO CREDIT AGREEMENT (this “Eighth Amendment”) dated as of September 29, 2014, is among PETROQUEST ENERGY, INC., a Delaware corporation, as the Parent, PETROQUEST ENERGY, L.L.C., a Louisiana limited liability company, as the Borrower, JPMORGAN CHASE BANK, N.A., as Administrative Agent, and the Lenders party hereto.
R E C I T A L S
WHEREAS, the Parent, the Borrower, Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of October 2, 2008, as amended by that certain First Amendment to Credit Agreement dated as of March 24, 2009, that certain Second Amendment to Credit Agreement dated as of September 30, 2009, that certain Third Amendment to Credit Agreement dated as of August 5, 2010, that certain Fourth Amendment to Credit Agreement dated as of October 3, 2011, that certain Fifth Amendment to Credit Agreement dated as of March 29, 2013, that certain Sixth Amendment to Credit Agreement dated as of June 19, 2013 and that certain Seventh Amendment to Credit Agreement date as of March 31, 2014 (as otherwise amended, restated, supplemented or modified from time to time, the “Credit Agreement”), pursuant to which the Lenders have made certain loans to and extensions of credit for the account of the Borrower; and
WHEREAS, the Borrower has requested, among other things, that (a) the Borrowing Base and Maximum Credit Amount each be increased and (b) the Credit Agreement be further amended as more particularly set forth herein.
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.Defined Terms. Each capitalized term used herein (including, without limitation, in the preamble and recitals) but not otherwise defined herein has the meaning given such term in the Credit Agreement, including, to the extent the context so requires, after giving effect to the amendments to the Credit Agreement contained in this Eighth Amendment. Unless otherwise indicated, all article and section references in this Eighth Amendment refer to articles and sections of the Credit Agreement.
Section 2.    Amendments to Credit Agreement. In reliance on the representations, warranties, covenants and agreements contained in this Eighth Amendment, and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Credit Agreement is hereby amended effective as of the Eighth Amendment Effective Date (as defined below) in the manner provided in this Section 2.
2.1    Amendments to Section 1.02.

US 2746239v.3


(a)    The definition of “Agreement” is hereby amended and restated in its entirety to read in full as follows:
“Agreement” means this Credit Agreement, as amended by the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment, the Seventh Amendment and the Eighth Amendment as the same may from time to time be further amended, modified, supplemented or restated.
(b)    The following definition is added where alphabetically appropriate:
“Eighth Amendment” means the Eighth Amendment to Credit Agreement dated as of September 29, 2014 among the Parent, the Borrower, the Administrative Agent, and the Lenders party thereto.
2.2    Replacement of Annex I. Annex I to the Credit Agreement is hereby replaced in its entirety with Annex I attached hereto and Annex I attached hereto shall be deemed to be attached as Annex I to the Credit Agreement effective as of the Eighth Amendment Effective Date.
Section 3.    Redetermination of the Borrowing Base. Subject to the conditions precedent set forth in Section 4 hereof, for the period from and including the Eighth Amendment Effective Date, but until the next Redetermination Date, the Borrowing Base shall be increased to $220,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 8.13(c), Section 8.16 and Section 9.12(d) of the Credit Agreement. The Lenders and the Borrower agree that the redetermination provided for in this Section 3 shall constitute the Scheduled Redetermination of the Borrowing Base scheduled for on or about September 30, 2014 for purposes of Section 2.07 of the Credit Agreement.
Section 4.    Conditions Precedent. The amendments to the Credit Agreement contained in Section 2 hereof and the increase of the Borrowing Base contained in Section 3 hereof, shall each be effective on the date (the “Eighth Amendment Effective Date”) that each of the following conditions precedent is satisfied or waived in accordance with Section 12.02 of the Credit Agreement:
4.1    Counterparts. Administrative Agent shall have received from each of the Lenders, the Borrower and each Guarantor, counterparts (in such number as may be requested by Administrative Agent) of this Eighth Amendment signed on behalf of such Persons.
4.2    Fees and Expenses. The Borrower shall have paid to Administrative Agent any and all fees and expenses payable to Administrative Agent or the Lenders pursuant to or in connection with this Eighth Amendment.
4.3    Organization/Existence/Authority Documents. Administrative Agent shall have received such documents and certificates as Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Borrower and each Guarantor, the authorization of this Eighth Amendment and the transactions contemplated hereby, and any other legal matters relating to the Borrower, the Guarantors and this Eighth Amendment.

2
US 2746239v.3



4.4    Execution of New Notes and Return of Existing Notes. The Borrower shall have executed and delivered to Administrative Agent new Notes in favor of The Bank of Nova Scotia and Bank of America, N.A., respectively (each an “Increasing Lender”), in exchange for each surrendered Note of each Increasing Lender in the amounts reflecting the reallocated Maximum Credit Amounts for each Increasing Lender. Each Increasing Lender that has received a Note prior to the Eighth Amendment Effective Date shall return such Note to Administrative Agent for reissuance in order to reflect the reallocated Maximum Credit Amounts; provided that the delivery of such surrendered Notes shall not constitute an additional condition precedent to the effectiveness of this Eighth Amendment.
4.5    Security Instrument Amendments. Administrative Agent shall have received such mortgages (including any amendments to mortgages) duly executed and delivered by Borrower and its Subsidiaries (as applicable), together with such other assignments, conveyances, amendments, agreements, and other writings including, without limitation, UCC-1 financing statements, and tax affidavits, if any, required so that Administrative Agent is reasonably satisfied that the mortgages (including any amendments to mortgages and mortgages previously delivered) create first priority, perfected Liens (subject only to Excepted Liens, but subject to the provisos at the end of such definition) on Oil and Gas Properties comprising at least 80% of the total value of the Oil and Gas Properties evaluated in the most recently completed Reserve Report for the purposes of establishing the Borrowing Base pursuant to Section 3 hereof, or otherwise as requested by Administrative Agent to reflect the amendments contained in this Eighth Amendment.
4.6    Other Documents. Administrative Agent shall have received such other documents as Administrative Agent or counsel to Administrative Agent may reasonably request.
4.7    No Default/No Event of Default/No Borrowing Base Deficiency. No Default, Event of Default or Borrowing Base Deficiency shall have occurred and be continuing.
Administrative Agent is hereby authorized and directed to declare this Eighth Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of Administrative Agent, compliance with the conditions set forth in this Section 4. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.
Section 5.    Lenders’ Applicable Percentage. Effective as of the Eighth Amendment Effective Date, each Lender’s Applicable Percentage and Maximum Credit Amount is as set forth on Annex I attached hereto. After giving effect to this Eighth Amendment and any Loans made on the Eighth Amendment Effective Date, (a) each Lender who holds Loans in an aggregate amount less than its Applicable Percentage (after giving effect to this Eighth Amendment) of all Loans shall advance new Loans which shall be disbursed to Administrative Agent and used to repay Loans outstanding to each Lender who holds Loans in an aggregate amount greater than its Applicable Percentage of all Loans, (b) each Lender’s participation in each Letter of Credit, including all Letters of Credit outstanding on the date of this Eighth Amendment, shall be automatically adjusted to equal its Applicable Percentage (after giving effect to this Eighth Amendment), and (c) such other adjustments shall be made as Administrative Agent shall specify so that the outstanding Loans applicable to each Lender equals its Applicable Percentage (after giving effect to this Eighth Amendment) of the

3
US 2746239v.3



aggregate outstanding Revolving Credit Exposure of all Lenders. Borrower shall pay to Administrative Agent any break funding payments required under Section 5.02 of the Credit Agreement that may be due as a result of the foregoing reallocation.
Section 6.    Miscellaneous.
6.1    Confirmation. The provisions of the Credit Agreement, as amended by this Eighth Amendment, shall remain in full force and effect following the effectiveness of this Eighth Amendment.
6.2    Ratification and Affirmation; Representations and Warranties. Each of the Borrower and each Guarantor hereby (a) ratifies and affirms its respective obligations under, and acknowledges, renews and extends its respective continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby, notwithstanding the amendments contained herein and (b) represents and warrants to the Lenders that, as of the date hereof, after giving effect to the terms of this Eighth Amendment: (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct, except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct as of such specified earlier date, (ii) no Default has occurred and is continuing and (iii) no Material Adverse Effect has occurred.
6.3    Loan Document. This Eighth Amendment is a “Loan Document” as defined and described in the Credit Agreement and all of the terms and provisions of the Credit Agreement relating to Loan Documents shall apply hereto.
6.4    Counterparts. This Eighth Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this Eighth Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.
6.5    NO ORAL AGREEMENT. THIS EIGHTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY SEPARATE LETTER AGREEMENTS WITH RESPECT TO FEES PAYABLE TO ADMINISTRATIVE AGENT CONSTITUTE THE ENTIRE CONTRACT AMONG THE PARTIES RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND SUPERSEDE ANY AND ALL PREVIOUS AGREEMENTS AND UNDERSTANDINGS, ORAL OR WRITTEN, RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF. THIS EIGHTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

4
US 2746239v.3



6.6    GOVERNING LAW. THIS EIGHTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.
6.7    Payment of Expenses. The Borrower agrees to pay or reimburse Administrative Agent for all of its out-of-pocket costs and expenses incurred in connection with this Eighth Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to Administrative Agent.
6.8    Severability. Any provision of this Eighth Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
6.9    Successors and Assigns. This Eighth Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

[SIGNATURES BEGIN NEXT PAGE]


5
US 2746239v.3



IN WITNESS WHEREOF, the parties hereto have caused this Eighth Amendment to be duly executed as of the date first written above.


BORROWER:    PETROQUEST ENERGY, L.L.C.
/s/ J. Bond Clement                    
J. Bond Clement
Executive Vice President, Chief Financial Officer
and Treasurer



PARENT:    PETROQUEST ENERGY, INC.
/s/ J. Bond Clement                    
J. Bond Clement
Executive Vice President, Chief Financial Officer
and Treasurer



GUARANTOR:    TDC ENERGY LLC
/s/ J. Bond Clement                    
J. Bond Clement
Executive Vice President, Chief Financial Officer
and Treasurer

[SIGNATURE PAGE TO PETROQUEST EIGHTH AMENDMENT]



ADMINISTRATIVE AGENT:    JPMORGAN CHASE BANK, N.A.
AND LENDER
individually, as a Lender, as Administrative Agent and as Issuing Bank


By: /s/ Jo Linda Papadakis             
Jo Linda Papakis,
Authorized Officer

[SIGNATURE PAGE TO PETROQUEST EIGHTH AMENDMENT]



LENDER:                    WELLS FARGO BANK, N.A.



By: /s/ Brett A. Steele                 
Name: Brett Steele,
Title: Vice President


[SIGNATURE PAGE TO PETROQUEST EIGHTH AMENDMENT]



LENDER:                    CAPITAL ONE, N.A.

By: /s/ Christopher Kuna                 
Name: Christopher Kuna,
Title: Vice President


[SIGNATURE PAGE TO PETROQUEST EIGHTH AMENDMENT]



LENDER:    IBERIABANK
By: /s/ W. Bryan Chapman                 
Name: W. Bryan Chapman,
Title: Executive Vice President


[SIGNATURE PAGE TO PETROQUEST EIGHTH AMENDMENT]


LENDER:                    BANK OF AMERICA, N.A.

By: /s/ Raza Jafferi                 
Name: Raza Jafferi
Title: Vice President



[SIGNATURE PAGE TO PETROQUEST EIGHTH AMENDMENT]


LENDER:                    THE BANK OF NOVA SCOTIA

By: /s/ Alan Dawson                 
Alan Dawson,
Director




[SIGNATURE PAGE TO PETROQUEST EIGHTH AMENDMENT]


ANNEX I

LIST OF MAXIMUM CREDIT AMOUNTS
Name of Lender
Applicable Percentage
Maximum Credit Amount
JPMorgan Chase Bank, N.A.
20.588235290%
$35,000,000
Wells Fargo Bank, N.A.
17.647058820%
$30,000,000
Capital One, N.A.
17.647058820%
$30,000,000
Iberiabank
17.647058820%
$30,000,000
Bank of America, N.A.
13.235294120%
$22,500,000
The Bank of Nova Scotia
13.235294120%
$22,500,000
TOTAL
100.00%
$170,000,000


ANNEX I
 EX-99.1 3 ex991pressrelease30092014.htm EX-99.1 ex991PressRelease30092014




 



NEWS RELEASE

For further information, contact:
Matt Quantz, Manager - Corporate Communications

 
(337) 232-7028, www.petroquest.com
PETROQUEST ENERGY ANNOUNCES SALE OF EAGLE FORD ASSETS AND
BORROWING BASE REDETERMINATION
 

LAFAYETTE, LA – September 30, 2014 - PetroQuest Energy, Inc. (NYSE: PQ) announced that in September 2014, the Company completed the sale of its Eagle Ford assets for net proceeds of approximately $9.7 million. The Company estimates that operating cash flow generated from its Eagle Ford assets during the first six months of 2014 totaled approximately $2.0 million on average daily production of approximately 195 barrels of oil equivalent per day. As of June 30, 2014, the Company estimated that proved reserves associated with the Eagle Ford assets totaled approximately 2.1 Bcfe with an estimated discounted net cash flow (PV-10) of $6.6 million.

Borrowing Base Update
The Company’s bank group has completed its semi-annual re-determination of its borrowing base under its credit facility. As a result, the Company’s $200 million borrowing base has been increased to $220 million and the commitment level has been increased from $150 million to $170 million. The next re-determination of the borrowing base is scheduled to occur before March 31, 2015.

Non-GAAP Financial Measure
PV-10 is the estimated future cash flow from estimated proved reserves discounted at an annual rate of 10% before giving effect to income taxes.  Standardized measure is the after-tax estimated future cash flows from estimated proved reserves discounted at an annual rate of 10%, determined in accordance with GAAP.  Management believes PV-10 is useful to investors as it is based on prices, costs and discount factors which are consistent from company to company, while the standardized measure is dependent on the unique tax situation of each individual company.  As a result, the Company believes that investors can use PV-10 as a basis for comparison of the relative size and value of reserves to other companies in different basins.  The Company also understands that securities analysts and rating agencies use PV-10 in similar ways.  PV-10, as presented herein, cannot be reconciled to the standardized measure of discounted future cash flows because final income tax information for 2014 is not yet available.  

About the Company
PetroQuest Energy, Inc. is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Arkoma Basin, Texas, Louisiana and the shallow waters of the Gulf of Mexico. PetroQuest’s common stock trades on the New York Stock Exchange under the ticker PQ.




Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate” and similar references to future periods. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.  Among those risks, trends and uncertainties are our ability to integrate our acquisitions with our operations and realize the anticipated benefits from the acquisitions, any unexpected costs or delays in connection with the acquisitions, our ability to find oil and natural gas reserves that are economically recoverable, our ability to realize the anticipated benefits from the Fleetwood joint venture, the volatility of oil and natural gas prices, the uncertain economic conditions in the United States and globally, the declines in the values of our properties that have resulted in and may in the future result in additional ceiling test write-downs, our ability to replace reserves and sustain production, our estimate of the sufficiency of our existing capital sources, our ability to raise additional capital to fund cash requirements for future operations, the uncertainties involved in prospect development and property acquisitions or dispositions and in projecting future rates of production or future reserves, the timing of development expenditures and drilling of wells, hurricanes and other natural disasters, changes in laws and regulations as they relate to our operations, including our fracking operations or our operations in the Gulf of Mexico, and the operating hazards attendant to the oil and gas business.  In particular, careful consideration should be given to cautionary statements made in the various reports PetroQuest has filed with the Securities and Exchange Commission. PetroQuest undertakes no duty to update or revise these forward-looking statements.


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