PetroQuest Energy Announces $100 Million Credit Facility and Increased Availability LAFAYETTE, La.--(BUSINESS WIRE)--May 14, 2001--PetroQuest Energy, Inc. (Nasdaq:PQUE - news) announced today the amendment of its existing Hibernia National Bank senior secured credit facility to increase the facility from $50 million to $100 million and to syndicate the facility to now include Hibernia, Royal Bank of Canada and Union Bank of California. Hibernia will serve as agent bank for the lender group. In addition, the borrowing base determined under the amended facility has increased to $36 million from the $14.3 million under the original facility. At closing, $7 million is outstanding under the amended facility. The Company's borrowing base will be redetermined periodically based upon, among other things, the Company's proved oil and gas reserves. The credit agreement contains various covenants, restrictions and financial ratio tests common to loans of this type. Charles T. Goodson, Chairman and Chief Executive Officer, stated ``PetroQuest views this increase in facility size and borrowing base as confirmation of the substantial value added to its oil and gas reserve base since the original facility was closed in December of 2000. In addition, this increased availability under our commercial bank line better positions PetroQuest to achieve its growth objectives.'' 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. Contact: PetroQuest Energy, Inc. Robert R. Brooksher, 337/232-7028