-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, V2CowJCW84+u6O8N4+nIgqrY7SR36He4bJGlUXYdkNnW7K+S8mAd2e5uKzvXXCmj QPdrt8F80Zzp5nHE5smeQg== 0000950129-01-502002.txt : 20010719 0000950129-01-502002.hdr.sgml : 20010719 ACCESSION NUMBER: 0000950129-01-502002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010718 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PETROQUEST ENERGY INC CENTRAL INDEX KEY: 0000872248 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 980115468 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-19020 FILM NUMBER: 1683595 BUSINESS ADDRESS: STREET 1: 400 E KALISTE SALOOM RD SUITE 3000 CITY: LAFAYETTE STATE: LA ZIP: 70508 BUSINESS PHONE: 3372327028 MAIL ADDRESS: STREET 1: 600 595 HOWE ST STREET 2: VANCOUVER BRITISH COLUMBIA CITY: CANADA V6C 2T5 STATE: A1 FORMER COMPANY: FORMER CONFORMED NAME: OPTIMA PETROLEUM CORP DATE OF NAME CHANGE: 19950726 8-K 1 h89147e8-k.txt PETROQUEST ENERGY INC - DATED JULY 18, 2001 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 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): July 18, 2001 PETROQUEST ENERGY, INC. (Exact name of registrant as specified in its charter) Delaware (State of incorporation) 1-9020 72-1440714 (Commission File Number) (IRS Employer Identification No.) 400 E. Kaliste Saloom Road, Suite 3000, Lafayette, Louisiana 70508 (Address of Registrant's principal executive offices) Registrant's telephone number, including area code (337) 232-7028 Not Applicable (Former name or former address, if changed since last report) 2 ITEM 5. OTHER EVENTS THE FOLLOWING STATEMENTS WERE RELEASED TO THE PRESS ON JULY 18, 2001 PETROQUEST ENERGY ANNOUNCES INCREASED PRODUCTION AND SECOND QUARTER FINANCIAL RESULTS Lafayette, Louisiana - July 18, 2001 - PetroQuest Energy, Inc. (NASDAQ: PQUE) announced today net income for the quarter ended June 30, 2001 of $3,854,000 or $0.11 per share, compared to a second quarter 2000 net income of $1,036,000 or $0.04 per share. Net cash flow from operations before working capital changes for the second quarter of 2001 increased 402% to $11,341,000 or $0.33 per share as compared to $2,258,000 or $0.09 per share for the comparable 2000 period. For the first six months of 2001, net income was $7,995,000 or $0.24 per share and net cash flow from operations before working capital changes totaled $21,618,000 or $0.64 per share. Net income and net cash flow from operations before working capital changes for the first six months of 2000 were $1,666,000 or $0.07 per share, and $4,043,000 or $0.16 per share, respectively. On a thousand cubic feet equivalent (Mcfe) basis, second quarter 2001 production volumes equaled 3,207,000 Mcfe, a 210% increase over second quarter 2000 production volumes. For the first six months of 2001, production volumes increased from 2,070,000 Mcfe in 2000 to 5,232,000 Mcfe or 153%. This is the result of the Company's successful exploration program, which added thirteen wells to production since the second quarter of 2000. Oil and gas sales during the second quarter of 2001 increased 284% to $14,590,000 as compared to the second quarter of 2000. For the first six months of 2001, sales increased 290% to $26,935,000 from $6,902,000 in the first six months of 2000. In addition to the production increases discussed above, product prices have increased. The prices received during the second quarter of 2001 averaged $26.90 per barrel of oil and $4.60 per Mcf of gas, as compared to averages of $26.03 per barrel and $3.52 per Mcf received in 2000. For the first six months of 2001, prices averaged $27.32 per barrel of oil and $5.57 per Mcf of gas, as compared to $26.73 per barrel and $3.06 per Mcf received in the same period of 2000. Stated on an Mcfe basis, unit prices received during the second quarter and first six months of 2001 were 24% and 55% higher, respectively, than the prices received during the comparable 2000 periods. 3 The following table sets forth certain information with respect to the oil and gas operations of the Company for the three and six-month periods ended June 30, 2001 and 2000:
Three Months Ended Six Months Ended June 30, June 30, 2001 2000 2001 2000 ---- ---- ---- ---- Production: Oil (Bbls) 225,462 34,112 364,542 68,341 Gas (Mcf) 1,854,611 829,085 3,045,088 1,660,105 Total Production (Mcfe) 3,207,383 1,033,757 5,232,340 2,070,151 Sales: Total Oil Sales $ 6,065,190 $ 887,807 $ 9,959,999 $ 1,826,930 Total Gas Sales $ 8,524,812 $ 2,915,637 $ 16,975,026 $ 5,075,255 Average sales prices: Oil (per Bbl) $ 26.90 $ 26.03 $ 27.32 $ 26.73 Gas (per Mcf) $ 4.60 $ 3.52 $ 5.57 $ 3.06 Per (Mcfe) $ 4.55 $ 3.68 $ 5.15 $ 3.33
PetroQuest Energy, Inc. is an independent oil and gas exploration and production company primarily focused on growing its reserves and shareholder value through a combination of drilling development locations and high potential exploration prospects along the coast of and in the Gulf of Mexico. This press 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. 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 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 estimating quantities of proved oil and natural gas reserves and in projecting future rates of production, the timing of development expenditures 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. 4 PETROQUEST ENERGY, INC. Consolidate Statements of Operations (unaudited) (Amounts In Thousands, Except Per Share Data)
Three Months Ended Six Months Ended June 30, June 30, 2001 2000 2001 2000 ---- ---- ---- ---- Revenues: Oil and gas sales $ 14,590 $ 3,803 $ 26,935 $ 6,902 Interest and other income 298 56 506 108 ---- --- ---- --- 14,888 3,859 27,441 7,010 -------- -------- -------- -------- Expenses: Lease operating expenses 1,908 694 3,156 1,297 Production taxes 243 177 505 350 Depreciation, depletion and amortization 4,848 1,204 8,190 2,347 General and administrative 1,255 739 1,916 1,341 Interest expense 517 9 983 9 -------- -------- -------- -------- 8,771 2,823 14,750 5,344 -------- -------- -------- -------- Income from operations 6,117 1,036 12,691 1,666 -------- -------- -------- -------- Deferred income tax expense 2,263 -- 4,696 -- -------- -------- -------- -------- Net income $ 3,854 $ 1,036 $ 7,995 $ 1,666 ======== ======== ======== ======== Earnings per common share: Basic $ 0.12 $ 0.04 $ 0.26 $ 0.07 ======== ======== ======== ======== Diluted $ 0.11 $ 0.04 $ 0.24 $ 0.07 ======== ======== ======== ======== Weighted average per common share Basic 31,737 24,110 31,125 24,119 ======== ======== ======== ======== Diluted 34,376 25,201 33,637 25,157 ======== ======== ======== ========
5 PETROQUEST ENERGY ANNOUNCES 54% GROWTH IN RESERVES FOR THE FIRST HALF OF 2001 AND INCREASE IN BORROWING BASE TO $50 MILLION Lafayette, Louisiana - July 18, 2001 - PetroQuest Energy, Inc. (NASDAQ: PQUE) announced today that the Company ended the first half of 2001 with proved reserves of 75 billion cubic feet equivalent (Bcfe) of natural gas representing an increase of 54% over 2000 year-end proved reserves of 48.8 Bcfe. The current reserve mix is 52% natural gas and 48% oil. At June 30, 2001, the Company's independent petroleum engineers estimated the net present value of proved reserves, excluding income taxes, using prices in effect as of that date, and discounted at 10%, at $135.8 million. Reserve additions from drilling and acquisitions, including revisions, equaled 31.4 Bcfe and represents a reserve replacement rate equal to 604% of the Company's 2001 six month production of approximately 5.2 Bcfe. In addition, the Company's borrowing base under its $100 million commercial bank credit facility has been increased from $36 million to $50 million. Availability under this facility is currently $18.4 million. PetroQuest Energy, Inc. is an independent oil and gas exploration and production company primarily focused on growing its reserves and shareholder value through a combination of drilling development locations and high potential exploration prospects along the coast of and in the Gulf of Mexico. This press 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. 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 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 estimating quantities of proved oil and natural gas reserves and in projecting future rates of production, the timing of development expenditures 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. ITEM 7. FINANCIAL STATEMENT AND EXHIBITS a. Financial Statement of Business Acquired None. b. Pro Forma Financial Information 6 None. c. Exhibits None. 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: July 18, 2001 PETROQUEST ENERGY, INC. By: /s/ Michael O. Aldridge ------------------------------------- Michael O. Aldridge Senior Vice President, Chief Financial Officer and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----