PetroQuest Energy Announces First Quarter Results With Record Quarterly Production LAFAYETTE, La.--(BUSINESS WIRE)--May 8, 2001--PetroQuest Energy, Inc. (Nasdaq:PQUE - news) announced today net income for the quarter ended March 31, 2001, of $4,141,000, or $0.13 per share, an increase of 558% as compared to first quarter 2000 net income of $629,000, or $0.02 per share. Net cash flow from operations before working capital changes for the first quarter of 2001 increased to $10,277,000, or $0.31 per share, an increase of 494% as compared to $1,729,000, or $0.07 per share, for the comparable 2000 period. Net income for the quarter ended March 31, 2001, included a non-cash deferred tax expense of $2,433,000. No tax provision was required for the first quarter of 2000. On a thousand cubic feet equivalent (Mcfe) basis, first quarter 2001 production volumes equaled 2,025,000 Mcfe, a 95% increase over first quarter 2000 production volumes. This is the result of the Company's successful exploration program, which added six wells to production since the first quarter of 2001. Oil and gas sales during the first quarter of 2001 increased 298% to $12,345,000 as compared to the first quarter of 2000. In addition to the production increases discussed above, natural gas prices increased significantly. The prices received during the first quarter of 2001 averaged $7.10 per Mcf of gas, as compared to an average of $2.60 per Mcf received in 2000. Stated on a Mcfe basis, unit prices received during the first quarter of 2001 were 104% higher than the prices received during the comparable 2000 period. The following table sets forth certain information with respect to the oil and gas operations of the Company for the three-month periods ended March 31, 2001 and 2000. Three Months Ended March 31, 2001 2000 ---- ---- Production: Oil (Bbls) 139,080 34,230 Gas (Mcf) 1,190,478 831,019 Total Production (Mcfe) 2,024,958 1,036,399 Sales: Total Oil Sales $ 3,894,810 $ 939,123 Total Gas Sales $ 8,450,214 $ 2,159,633 Average sales prices: Oil (per Bbl) $ 28.00 $ 27.44 Gas (per Mcf) $ 7.10 $ 2.60 Per (Mcfe) $ 6.10 $ 2.99 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. PETROQUEST ENERGY, INC. Consolidated Statements of Operations (unaudited) (Amounts In Thousands, Except Per Share Data) Three Months Ended March 31, 2001 2000 ---- ---- Revenues: Oil and gas sales $ 12,345 $ 3,099 Interest and other income 208 52 ------- ------- 12,553 3,151 ------- ------- Expenses: Lease operating expenses 1,248 603 Production taxes 262 173 Depreciation, depletion and amortization 3,342 1,100 General and administrative 661 646 Interest expense 466 - ------- ------- 5,979 2,522 ------- ------- Income (loss) from operations 6,574 629 ------- ------- Deferred income tax expense 2,433 - ------- ------- Net income (loss) $ 4,141 $ 629 ======= ======= Earnings per common share: Basic $ 0.14 $ 0.03 ======= ======= Diluted $ 0.13 $ 0.02 ======= ======= Weighted average per common share Basic 30,505 24,048 ======= ======= Diluted 32,714 25,541 ======= ======= Contact: PetroQuest Energy, Inc., Lafayette, La. Robert R. Brooksher, 337/232-7028