PetroQuest Energy Prices Offering of Common Stock

PetroQuest Energy has priced its previously announced public offering of 10,000,000 shares of its common stock at $3.50 per share. The Company has granted the underwriters an option exercisable for a period of 30 days to purchase up to 1,500,000 additional shares of common stock to cover any over-allotments.

The closing of the offering is expected to occur on or about June 30, 2009, subject to customary closing conditions. The Company intends to use the net proceeds from the offering for general corporate purposes, including to fund capital expenditures related to its exploration and development drilling program.