PetroQuest Energy, Inc. Announces $20 Million Stock Offering
PetroQuest Energy, Inc. announced the offering of 4,545,455 shares of its common stock in an underwritten offering at a price of $4.40 per share. The Company also granted to the underwriters an option to purchase up to 681,818 shares of common stock to cover over-allotments.
The net proceeds of the offering will be used to fund exploration and development activities, pay down debt and for other general corporate purposes. The Company will use substantially all of the net proceeds to reduce indebtedness under its bank credit facility, and then intends to use its bank credit facility and funds provided from operations to fund exploration and development activities and for other general corporate purposes.
The offering is being managed by Johnson Rice & Company, L.L.C. of New Orleans, Louisiana.