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PetroQuest Energy Announces $200 Million Private Placement Of 10% Senior Notes Due 2017



PetroQuest Energy Announces $200 Million Private Placement Of 10% Senior Notes
                                   Due 2017

PR Newswire

LAFAYETTE, La., June 25, 2013

LAFAYETTE, La., June 25, 2013 /PRNewswire/ -- PetroQuest Energy, Inc. (NYSE:
PQ) announced today that, subject to market conditions, it intends to offer
for sale $200.0 million in aggregate principal amount of 10% Senior Notes due
2017 (the "New Notes") in a private placement under Rule 144A and Regulation S
of the Securities Act of 1933, as amended (the "Securities Act"), to eligible
purchasers. The New Notes are expected to have terms that, subject to certain
exceptions, are substantially identical to the Company's $150.0 million
aggregate principal amount of existing 10% Senior Notes due 2017.

The Company intends to use the net proceeds from the private placement to fund
the purchase price of the Company's previously announced proposed acquisition
of certain producing oil and gas assets located in the shallow waters of the
Gulf of Mexico from Hall-Houston Exploration II, L.P., Hall-Houston
Exploration III, L.P., Hall-Houston Exploration IV, L.P. and GOM-H
Exploration, LLC (the "Acquisition") for approximately $193 million in cash.

The Acquisition is expected to close on or about July 3, 2013, subject to
customary closing conditions. The private placement is not a condition to the
closing of the Acquisition.

The securities to be offered have not been registered under the Securities
Act, or any state securities laws, and unless so registered, the securities
may not be offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and applicable state securities laws. The
Company plans to offer and sell the notes only to qualified institutional
buyers pursuant to Rule 144A under the Securities Act and to persons outside
the United States pursuant to Regulation S under the Securities Act.

This news release does not constitute an offer to sell or solicitation of an
offer to buy any security, nor will there be any sale of such security in any
jurisdiction in which such offer, sale or solicitation would be unlawful prior
to registration or qualification under the securities laws of any such
jurisdiction.

This press release includes statements regarding this private placement that
may constitute forward-looking statements. Such forward-looking statements are
subject to a variety of known and unknown risks, uncertainties, and other
factors that are difficult to predict and many of which are beyond
management's control. Factors that can affect future results are discussed in
the Company's Annual Report on Form 10-K for the year ended December 31, 2012,
the Company's Quarterly Report on Form 10-Q for the quarterly period ended
March 31, 2013, and other reports filed by the Company from time to time with
the Securities and Exchange Commission. The Company undertakes no obligation
to update or revise any forward-looking statement to reflect new information
or events.

Forward-Looking Statements

This news 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 ability to successfully complete pending
acquisitions, integrate them with our operations and realize the anticipated
benefits from the acquisitions, any unexpected costs or delays in connection
with the acquisitions, our ability to find oil and natural gas reserves that
are economically recoverable, the volatility of oil and natural gas prices and
significantly depressed natural gas prices since the middle of 2008, the
uncertain economic conditions in the United States and globally, the declines
in the values of our properties that have resulted in and may in the future
result in additional ceiling test write-downs, our ability to replace reserves
and sustain production, 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 prospect
development and property acquisitions or dispositions and in projecting future
rates of production or future proved, probable and possible reserves, the
timing of development expenditures and drilling of wells, hurricanes and other
natural disasters, changes in laws and regulations as they relate to our
operations, including our fracing operations in shale plays or our operations
in the Gulf of Mexico, 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.

 

SOURCE PetroQuest Energy, Inc.

Website: http://www.petroquest.com
Contact: Matt Quantz, Manager - Corporate Communications, (337) 232-7028,
www.petroquest.com
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