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August 02, 2015 3:48 AM ET

Oil, Gas and Consumable Fuels

Company Overview of PetroQuest Energy, L.L.C.

Company Overview

PetroQuest Energy, L.L.C. acquires and explores oil and natural gas properties in Gulf Coast basin and offshore Gulf of Mexico. The company was formerly known as PetroQuest Energy One, L.L.C. and changed its name to PetroQuest Energy, L.L.C. in December, 2000. The company was incorporated in 1995 and is based in Lafayette, Louisiana. PetroQuest Energy, L.L.C. operates as a subsidiary of PetroQuest Energy Inc.

400 East Kaliste Saloom Road

Suite 6000

Lafayette, LA 70508

United States

Founded in 1995

Phone:

318-232-7028

Fax:

337-232-0044

Key Executives for PetroQuest Energy, L.L.C.

Chief Executive Officer, President, and Chairman of the Board
Age: 59
Chief Financial Officer, Executive Vice President, and Treasurer
Age: 43
Compensation as of Fiscal Year 2015.

PetroQuest Energy, L.L.C. Key Developments

PetroQuest Energy, Inc. and PetroQuest Energy, L.L.C. Enter into the Tenth Amendment to Credit Agreement

On March 27, 2015, PetroQuest Energy Inc. and PetroQuest Energy, L.L.C. (the Borrower), entered into the Tenth Amendment to Credit Agreement, which amends the Credit Agreement dated as of October 2, 2008, as amended by that certain First Amendment to Credit Agreement dated as of March 24, 2009, that certain Second Amendment to Credit Agreement dated as of September 30, 2009, that certain Third Amendment to Credit Agreement dated as of August 5, 2010, that certain Fourth Amendment to Credit Agreement dated as of October 3, 2011, that certain Fifth Amendment to Credit Agreement dated as of March 29, 2013, that certain Sixth Amendment to Credit Agreement dated as of June 19, 2013, that certain Seventh Amendment to Credit Agreement dated as of March 31, 2014, that certain Eighth Amendment to Credit Agreement dated as of September 29, 2014, and that certain Ninth Amendment to the Credit Agreement dated as of February 26, 2015, with JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Capital One, N.A., Iberiabank, Bank of America, N.A. and The Bank of Nova Scotia (collectively, Lenders"). Pursuant to the Tenth Amendment, the Lenders have agreed to amend the minimum ratio of consolidated current assets to consolidated current liabilities financial covenant to be 0.75 to 1.0 as of the last day of the fiscal quarters ending March 31, 2015 and June 30, 2015, and 1.0 to 1.0 as of the last day of any fiscal quarter ending thereafter, and decrease the Borrowing Base, as defined in the Credit Agreement, from $220.0 million to $190.0 million (subject to the aggregate commitments of the Lenders then in effect, which was unchanged at $170.0 million). The Borrowing Base is based upon the valuation as of January 1 and July 1 of each year of the reserves attributable to the company's and its subsidiaries' oil and gas properties and other credit factors deemed relevant by the Lenders. The Lenders and the Borrower agreed that the aforementioned decrease in the Borrowing Base constituted the Scheduled Redetermination (as defined in the Credit Agreement) of the Borrowing Base scheduled for on or about March 31, 2015. As of March 30, 2015, the Borrower had $85 million of outstanding borrowings under (and no letters of credit issued pursuant to) the Credit Agreement.

PetroQuest Energy, Inc. and PetroQuest Energy, L.L.C. Enter into Ninth Amendment to Credit Agreement

On February 26, 2015, PetroQuest Energy Inc. and PetroQuest Energy, L.L.C. entered into the Ninth Amendment to Credit Agreement, which amends the Credit Agreement dated as of October 2, 2008, as amended by that certain First Amendment to Credit Agreement dated as of March 24, 2009, that certain Second Amendment to Credit Agreement dated as of September 30, 2009, that certain Third Amendment to Credit Agreement dated as of August 5, 2010, that certain Fourth Amendment to Credit Agreement dated as of October 3, 2011, that certain Fifth Amendment to Credit Agreement dated as of March 29, 2013, that certain Sixth Amendment to Credit Agreement dated as of June 19, 2013, that certain Seventh Amendment to Credit Agreement dated as of March 31, 2014, and that certain Eighth Amendment to Credit Agreement dated as of September 29, 2014 (collectively, the Credit Agreement"), with JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Capital One, N.A., Iberiabank, Bank of America, N.A. and The Bank of Nova Scotia. Pursuant to the Ninth Amendment, the Lenders have agreed to amend certain restrictive financial covenants to which the Company and its subsidiaries are subject by (i) removing the maximum ratio of total debt to EBITDAX, determined on a rolling four quarter basis, of 3.5 to 1.0 and replacing it with a maximum ratio of total senior secured debt to EBITDAX, determined on a rolling four quarter basis, of 2.25 to 1.0, and (ii) adding a minimum ratio of EBITDAX to total cash interest expense, determined on a four quarter basis as of the end of each fiscal quarter beginning with the fiscal quarter ended March 31, 2015, of 2.0 to 1.0, all as defined in the Credit Agreement.

PetroQuest Energy, Inc. and PetroWuest Energy, L.L.C. Enters into the Seventh Amendment to Credit Agreement

On March 31, 2014, PetroQuest Energy Inc. and PetroQuest Energy, L.L.C. entered into the Seventh Amendment to Credit Agreement. Pursuant to the Seventh Amendment, the Lenders have agreed to modify the negative covenant contained in the Credit Agreement regarding Swap Agreements and certain other provisions related to such covenant, reaffirm the Borrowing Base at $200 million and add Bank of America, N.A. and The Bank of Nova Scotia as new Lenders under the Credit Agreement.

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June 5, 2015
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