PetroQuest Energy, Inc. Announces $21 Million Stock
Offering
LAFAYETTE, La.--(BUSINESS WIRE)--Oct. 30, 2002--PetroQuest Energy,
Inc. (NASDAQ: PQUE - News) announced today the offering of 5,000,000
shares of its common stock in an underwritten offering at a price
of $4.25 per share. The Company also granted to the underwriter a
thirty-day option to purchase up to 750,000 shares of common stock
to cover over-allotments.
The net proceeds of 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.
The offering is being underwritten by Friedman, Billings, Ramsey
& Co., Inc. When available, copies of the prospectus can be obtained
from Friedman, Billings, Ramsey & Co., Inc., 1001 19th Street
North, Arlington, Virginia 22209.
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
