PetroQuest Energy Announces Closings Of $200 Million Private Placement Of
10.00% Senior Notes Due 2017 And Gulf of Mexico Acquisitions
LAFAYETTE, La., July 3, 2013
LAFAYETTE, La., July 3, 2013 /PRNewswire/ -- PetroQuest Energy, Inc. (NYSE:
PQ) announced today the closing of its previously announced private offering
under Rule144A and Regulation S of the Securities Act of 1933, as amended
(the "Securities Act"), of $200million aggregate principal amount of 10%
Senior Notes due 2017 (the "New Notes"). The New Notes were issued at a price
equal to 100% of their face value plus accrued interest from March 1, 2013.
The New Notes have terms that, subject to certain exceptions, are
substantially identical to the Company's existing $150 million aggregate
principal amount of 10% Senior Notes due 2017.
The net proceeds from the offering were used to finance the approximately $192
million purchase price of the Company's previously announced acquisitions of
certain producing oil and gas assets located in the shallow waters of the Gulf
of Mexico (collectively, the "Gulf of Mexico Acquisitions"). The Gulf of
Mexico Acquisitions also closed on July3, 2013.
The New Notes 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 New Notes are eligible for
trading by qualified institutional buyers pursuant to Rule 144A 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
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 integrate our recently completed
acquisitions 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.
Contact: Matt Quantz, Manager - Corporate Communications, (337) 232-7028,
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