LAFAYETTE, La., April 22 /PRNewswire-FirstCall/ -- PetroQuest Energy,
Inc. (Nasdaq: PQUE - News) announced today that it plans to raise
up to $150 million through a private placement of senior notes due
2013, subject to market and other customary conditions. Certain
of the Company's subsidiaries will fully and unconditionally guarantee
the notes. The Company intends to use the net proceeds from the
proposed offering to repay amounts under its existing credit facilities,
to fund acquisitions and for general corporate purposes.
The notes have not been registered under the Securities Act of 1933,
as amended, and may not be offered or sold in the United States
without registration or an applicable exemption from the registration
requirements of the Securities Act. The Company plans to offer and
issue the notes only to qualified institutional buyers pursuant
to Rule 144A under the Securities Act and to persons outside the
United States pursuant to Regulation S.
This press release is neither an offer to sell nor a solicitation
of an offer to buy any of these securities and shall not constitute
an offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale is unlawful.
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, East Texas, South
Louisiana and the shallow waters of the Gulf of Mexico. PetroQuest
trades on the Nasdaq National Market under the ticker symbol "PQUE".
Forward-Looking Statements
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.
Source: PetroQuest Energy, Inc.
