PetroQuest Energy, Inc. Announces Exercise of Underwriter's Over-Allotment Option Previously Announced Stock Offering Now Totals $22.9 Million LAFAYETTE, La.--(BUSINESS WIRE)--March 11, 2002--PetroQuest Energy, Inc. (NASDAQ: PQUE - news) announced today that Johnson Rice & Company, L.L.C., the underwriter for its recent stock offering, has exercised the over-allotment option to purchase an additional 648,145 shares of its common stock. With the exercise of the option, the total proceeds from the offering realized by the Company is approximately $21.9 million, net of underwriting discounts. The proceeds from the offering will be used to fund exploration and development activities, pay down debt and for other general corporate purposes. The Company will use substantially all of the net proceeds to reduce indebtedness under its bank credit facility, and then intends to use its bank credit facility and funds provided from operations to fund exploration and development activities and for other general corporate purposes. Copies of the prospectus can be obtained from Johnson Rice & Company, L.L.C., 639 Loyola Avenue, Suite 2775, New Orleans, Louisiana 70113. 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 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. Contact: PetroQuest Energy Inc. Robert R. Brooksher, 337/232-7028