-----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, Dra4aWtihy/JGrDHaF6KJexl6biR2PGioV5B8BTB81gEZDGsO1QUNW/6Xei+Fwtp Dc+ZpBmPa6kS8+Zkx72n2Q== 0000950129-03-001018.txt : 20030226 0000950129-03-001018.hdr.sgml : 20030226 20030226083756 ACCESSION NUMBER: 0000950129-03-001018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030226 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030226 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: 1934 Act SEC FILE NUMBER: 000-19020 FILM NUMBER: 03579927 BUSINESS ADDRESS: STREET 1: 400 E KALISTE SALOOM RD SUITE 6000 CITY: LAFAYETTE STATE: LA ZIP: 70508 BUSINESS PHONE: 3372327028 MAIL ADDRESS: STREET 1: 600 595 HOWE ST CITY: VANCOUVER BC CANADA STATE: A1 ZIP: V6C 2T5 FORMER COMPANY: FORMER CONFORMED NAME: OPTIMA PETROLEUM CORP DATE OF NAME CHANGE: 19950726 8-K 1 h03618e8vk.txt FORM 8-K 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): February 26, 2003 (February 26, 2003) PETROQUEST ENERGY, INC. (Exact name of registrant as specified in its charter) Delaware (State of incorporation) 1-9020 76-1440714 (Commission (IRS Employer File Number) Identification No.) 400 E. Kaliste Saloom Road, Suite 6000, 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) ITEM 5. OTHER EVENTS AND REQUIRED FD DISCLOSURE On February 26, 2003, PetroQuest Energy, Inc. issued a press release announcing, among other things, its 2002 year-end and fourth quarter results. The press release is filed as an exhibit hereto and is incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS a. Financial Statement of Business Acquired None. b. Pro Forma Financial Information None. c. Exhibits 99.1 Press Release 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: February 26, 2003 PETROQUEST ENERGY, INC. By: /s/ Daniel G. Fournerat --------------------------------------- Daniel G. Fournerat Senior Vice President, General Counsel and Secretary EXHIBIT INDEX EXHIBIT NO. DOCUMENT - ----------- -------- 99.1 Press Release EX-99.1 3 h03618exv99w1.txt PRESS RELEASE EXHIBIT 99.1 [PETROQUEST ENERGY, INC. LETTERHEAD] NEWS RELEASE FOR IMMEDIATE RELEASE
For further information, contact: Robert R. Brooksher, Vice President - Corporate Communications (337) 232-7028
PETROQUEST ENERGY, INC. ANNOUNCES 2002 YEAR-END AND FOURTH QUARTER RESULTS Lafayette, Louisiana - February 26, 2002 - PetroQuest Energy, Inc. (NASDAQ: PQUE) announced today net income for the quarter ended December 31, 2002 of $1,466,000, or $0.03 per share, as compared to fourth quarter 2001 net income of $1,142,000, or $0.03 per share. Net cash flow from operations before working capital changes for the fourth quarter of 2002 increased 26% to $10,984,000, or $0.26 per share, as compared to $8,684,000, or $0.25 per share, for the comparable 2001 period. For the year ended December 31, 2002, net income was $2,307,000, or $0.06 per share, and net cash flow from operations before working capital changes totaled $32,813,000, or $0.82 per share. Net income and net cash flow from operations before working capital changes for the year ended December 31, 2001 were $11,645,000 or $0.34 per share, and $42,317,000 or $1.23 per share, respectively. Oil and gas sales during the fourth quarter of 2002 increased 21% to $15,056,000 as compared to the fourth quarter of 2001. For the year ended December 31, 2002, sales were $48,141,000 compared to $54,967,000 for the year ended December 31, 2001. Stated on a Mcfe basis, unit prices received during the fourth quarter were 51% higher and prices received during the year ended December 31, 2002 were 10% lower than the prices received during the comparable 2001 periods. The following table sets forth certain information with respect to the oil and gas operations of the Company for the three-month periods and years ended December 31, 2002 and 2001:
Three Months Ended Twelve Months Ended December 31, December 31, 2002 2001 2002 2001 ---------- ---------- ----------- ----------- Production: Oil (Bbls) 240,380 191,332 929,181 791,405 Gas (Mcf) 2,001,427 3,150,098 7,765,142 9,025,240 Total Production (Mcfe) 3,443,707 4,298,090 13,340,228 13,773,670 Sales: Total oil sales $6,562,031 $4,098,533 $23,294,514 $20,171,659 Total gas sales $8,494,108 $8,321,954 $24,846,723 $34,794,876 Average sales prices: Oil (per Bbl) $27.30 $21.42 $25.07 $25.49 Gas (per Mcf) $4.24 $2.64 $3.20 $3.86 Per Mcfe $4.37 $2.89 $3.61 $3.99
The following is guidance for the first quarter of 2003:
Guidance for Description 1st Quarter 2003 - ----------- ---------------- Production volumes (MMcfe/d) 33-35 Percent gas 60% Expenses: Lease operating expenses (per Mcfe) $1.00-$1.10 Production taxes (per Mcfe) $.06-$.08 Depreciation, depletion and amortization (per Mcfe) $2.55-$2.65 General and administrative (in millions) $1.4-$1.6 Interest expense (in millions) $.100-$.125 Effective tax rate (all deferred) 35%
PetroQuest Energy Inc. is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Gulf Coast Basin, both onshore and in shallow waters offshore. 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, in prospect development and property acquisitions and in projecting future rates of production, the timing of development expenditures and drilling of wells, 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. Table follows. PETROQUEST ENERGY, INC. Consolidated Statements of Operations (Amounts in Thousands, Except Per Share Data)
Three Months Ended Twelve Months Ended December 31, December 31, 2002 2001 2002 2001 ------- ------- ------- ------- (unaudited) Revenues: Oil and gas sales $15,056 $12,420 $48,141 $54,967 Interest and other income 1 (48) (461) 314 ------- ------- ------- ------- 15,057 12,372 47,680 55,281 ------- ------- ------- ------- Expenses: Lease operating expenses 2,748 2,032 9,988 7,172 Production taxes 173 274 614 1,096 Depreciation, depletion and amortization 8,559 7,681 28,196 23,094 General and administrative 1,251 1,573 5,009 4,752 Interest expense 25 429 278 2,111 ------- ------- ------- ------- 12,756 11,989 44,085 38,225 ------- ------- ------- ------- Income from operations 2,301 383 3,595 17,056 Income tax expense (benefit) 835 (759) 1,288 5,411 ------- ------- ------- ------- Net income (loss) $ 1,466 $ 1,142 $ 2,307 $11,645 ======= ======= ======= ======= Earnings (loss) per common share: Basic $ 0.04 $ 0.04 $ 0.06 $ 0.37 ======= ======= ======= ======= Diluted $ 0.03 $ 0.03 $ 0.06 $ 0.34 ======= ======= ======= ======= Weighted average number of common shares: Basic 41,005 32,526 37,871 31,818 Diluted 42,920 34,935 39,997 34,271
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