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PetroQuest Energy, Inc. Announces Second Quarter 2000 Results
Continued Increases in Net Income, Production and Cash Flow LAFAYETTE, La.--(BUSINESS WIRE)--Aug. 8, 2000--PetroQuest Energy, Inc. (Nasdaq:PQUE - news; TSE:PQU - news) announced today net income for the quarter ended June 30, 2000 of $1,036,000 or $0.04 per share, compared to a second quarter 1999 net loss of $(795,000) or $(0.03) per share. Net cash flow from operations before working capital changes for the second quarter of 2000 increased 582% to $2,258,000 or $ 0.09 per share as compared to $331,000 or $0.02 per share for the comparable 1999 period. For the first six months of 2000, net income was $1,666,000 or $0.07 per share and net cash flow from operations before working capital changes totaled $4,043,000 or $0.16 per share. Net loss and net cash flow from operations before working capital changes for the first six months of 1999 were $(1,258,000) or $(0.06) per share, and $754,000 or $0.04 per share, respectively. On a thousand cubic feet equivalent (Mcfe) basis, second quarter 2000 production volumes equaled 1,033,000 Mcfe, a 52% increase over second quarter 1999 production volumes. For the first six months of 2000, production volumes increased from 1,325,000 Mcfe in 1999 to 2,070,000 Mcfe or 56%. This is the result of the Company's exploration program, which added four wells to production since the second quarter of 1999. Oil and gas sales during the second quarter of 2000 increased 150% to $3,803,000 as compared to the second quarter of 1999. For the first six months of 2000, sales increased 152% to $6,902,000 from $2,738,000 in the first six months of 1999. In addition to the production increases discussed above, product prices increased significantly. Prices received during the second quarter of 2000 averaged $26.03 per barrel of oil and $3.51 per Mcf of gas, as compared to averages of $16.42 per barrel and $2.13 per Mcf received in the 1999 period. For the first six months of 2000, prices averaged $26.73 per barrel of oil and $3.06 per Mcf of gas, as compared to $13.21 per barrel and $2.05 per Mcf received in the same period of 1999. Stated on an Mcfe basis, unit prices received during the second quarter and first six months of 2000 were 65% and 62% higher, respectively, than the prices received during the comparable 1999 periods. ``Our improved operating results for the second quarter continued the increases in net income, production and cash flow realized in the first quarter,'' said Charles T. Goodson, PetroQuest's Chairman and Chief Executive Officer. ``We expect to maintain this trend due to our active drilling program. We have recently completed the CL&F No. 15 in our Turtle Bayou Field and are currently drilling the first well at our Orca Prospect in the Tuscaloosa Marine Shale Area. Offshore, we have successfully drilled the first well on our Jaguar Prospect at Eugene Island Block 147 and plan to begin drilling within the next week our Pelican Prospect at Ship Shoal Block 79.'' 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 and in the Gulf of Mexico. This press release includes certain statements that may be deemed to be ``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. All statements other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future, including drilling of wells, reserve estimates, future production of oil and gas, future cash flows and other such matters are forward-looking statements. Such forward-looking statements are subject to certain risks, uncertainties and other factors, which could cause actual results to differ materially from those currently anticipated. These factors include, without limitation, uncertainties inherent in estimating proven oil and gas reserves, future rates of production and timing of development expenditures; results of exploratory and development drilling; operating hazards attendant to the oil and gas business; the successful identification, acquisition and development of properties; and changes in the price received for oil and/or gas which may effect results of operations and cash flows. Readers are cautioned that any such statements are not guarantees of future performance and the company can give no assurances that actual results or developments will not differ materially from those projected in the forward-looking statements.
PETROQUEST ENERGY, INC.
Consolidated Statements of Operations
(amounts in thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
---- ---- ---- ----
Revenues:
Oil and gas sales $ 3,803 $ 1,521 $ 6,902 $ 2,738
Interest income 56 20 108 40
-------- -------- -------- --------
3,859 1,541 7,010 2,778
-------- -------- -------- --------
Expenses:
Lease operating
expenses 694 567 1,297 975
Production taxes 177 93 350 157
Depreciation,
depletion and
amortization 1,204 1,126 2,347 2,012
General and
administrative 739 428 1,341 711
Interest expense 9 122 9 191
Foreign exchange
(gain)/loss - - - (10)
-------- -------- -------- --------
Income/(Loss) from
Operations 1,036 (795) 1,666 (1,258)
Income tax expense - - - -
-------- -------- -------- --------
Net Income/(Loss) $ 1,036 $ (795) $ 1,666 $ (1,258)
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Earnings Per Common Share
Basic $ 0.04 $ (0.03) $ 0.07 $ (0.06)
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Diluted $ 0.04 $ (0.03) $ 0.07 $ (0.06)
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Weighted Average
Common Shares:
Basic 24,110 18,551 24,119 18,544
Diluted 25,201 18,551 25,157 18,544
Contact:
PetroQuest Energy, Inc.
Charles T. Goodson, Chief Executive Officer
Robert R. Brooksher, Vice President -
Corporate Communications
337/232-7028
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