PetroQuest Energy, Inc. Announces First Quarter 2000 Results LAFAYETTE, La.--(BUSINESS WIRE)--May 15, 2000--PetroQuest Energy, Inc. (Nasdaq:PQUE - news; TSE:PQU - news), announced today net income for the quarter ended March 31, 2000 of $629,000 or $ 0.03 per share, compared to first quarter 1999 net loss of $(463,000) or $(0.02) per share. Net cash flow from operations before working capital changes for the first quarter of 2000 increased 322% to $1,785,000 or $ 0.07 per share. On a thousand cubic feet equivalent (Mcfe) basis, first quarter 2000 production volumes equaled 1,036,427 Mcfe, a 60% increase over first quarter 1999 production volumes. This is the result of the Company's successful exploration program which added High Island Block 494, CL&F No. 13 and CL&F No. 14 in the second half of 1999. Oil and gas sales during the first quarter of 2000 increased 155% to $3,099,000, as compared to first quarter 1999 revenues of $1,217,000. In addition to the production increase discussed above, product prices increased significantly. Prices received during the first quarter of 2000 averaged $27.44 per barrel of oil and $2.60 per Mcf of gas, as compared to averages of $10.45 per barrel and $1.88 per Mcf received in the 1999 period. Stated on an Mcfe basis, unit prices received during the first quarter of 2000 were 62% higher than the prices received during the comparable 1999 period. Operating expenses decreased 8% from $ .63 per Mcfe in the first quarter of 1999 to $.58 in the comparable 2000 period. The depreciation, depletion and amortization rate for the first three months of 2000 decreased 23% to $1.06 per Mcfe compared to $1.37 per Mcfe for the same period in 1999. ``Our improved operating results are due to our successful exploration and development program,'' said Charles T. Goodson, PetroQuest's President and Chief Executive Officer. ``In this regard, we continue to be active. We are currently completing our recent discovery at the Valentine Field and are drilling the CL&F No. 15 which is a development location in our Turtle Bayou Field. In addition, we recently began drilling our Jaguar Prospect, offshore at Eugene Island Block 146.'' PetroQuest Energy, Inc. is an 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 (Unaudited) (amounts in thousands, except per share amounts) Three Months Ended March 31, 2000 1999 Revenues: Oil and Gas Sales $ 3,099 $ 1,217 Interest Income 52 20 ------- ------ 3,151 1,237 ------- ------ Expenses: Lease Operating Expenses 603 408 Production Taxes 173 64 Depreciation, Depletion and Amortization 1,100 886 General and Administrative 646 283 Interest Expense -- 69 Other Income -- (10) ------- ------ 2,522 1,770 ------- ------ Net Income (Loss) Before Income Taxes 629 (463) Income Tax Expense -- -- ------- ------ Net Income (Loss) $ 629 $(463) ======= ====== Earnings (Loss) Per Common Share Basic $ 0.03 $ (0.02) ======= ====== Diluted $ 0.02 $ (0.02) ======= ====== Average shares outstanding 24,048 18,537 ======= ====== Average shares outstanding assuming dilution 25,541 18,537 ======= ====== Contact: PetroQuest Energy, Inc. Charles Goodson, President Robert R. Brooksher, Chief Financial Officer 337/232-7028