PetroQuest Sells Gulf of Mexico Assets
PetroQuest Energy has closed the sale of its interests in 17 mature Gulf of Mexico fields to a private company for approximately $17 million, subject to post-closing adjustments. The Company also expects to receive future consideration upon the settlement of insurance claims associated with damage caused by Hurricanes Katrina and Rita to the properties. Estimated proved reserves attributable to the properties totaled approximately 8.7 Bcfe at closing, and the properties had a substantial near- term abandonment obligation.
"This was an opportunity for us to monetize some of our mature Gulf Coast assets and utilize the capital for our continued expansion in East Texas and Arkoma," said Charles T. Goodson, Chairman, Chief Executive Officer and President. "We are excited about the projects we are currently drilling in these long lived basins, and we expect to continue to increase our long life activity during 2007 and beyond."
PetroQuest Energy, Inc. is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Arkoma Basin, East Texas, South Louisiana and the shallow waters of the Gulf of Mexico. PetroQuest trades on the New York Stock Exchange under the ticker symbol "PQ."
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