PetroQuest Energy (PQ) Closes $300M Secured Credit Facility; Issues Operations Guidance Following Down-Time Caused by Gustav and Ike

October 6, 2008 8:57 AM EDT

PetroQuest Energy, Inc. (NYSE: PQ) announced today that on October 2, 2008 it closed a $300 million bank credit facility with JPMorgan Chase Bank, N.A. as administrative agent, Calyon New York Branch as syndication agent, Bank of America, N.A. as documentation agent, Wells Fargo Bank, N.A. and Whitney National Bank as participants. The credit facility provides an initial borrowing base of $150 million, which represents a $55 million increase in borrowing base capacity from the previous facility. The credit facility matures on February 10, 2012; however, the maturity date will be extended to October 2, 2013 if the Company repays or refinances its $150 million senior notes prior to February 10, 2012.

The Company estimates that 1.2 Bcfe of net production was deferred from Q308 as a result of down-time caused by Hurricanes Gustav and Ike. Production from the majority of the Company's Gulf Coast Basin properties has been restored. The Company is currently producing approximately 100 MMcfe per day, with an additional 6.5 MMcfe of Gulf Coast Basin production shut-in from storm damage. As a result of the impact of the hurricanes, the Company expects Q308 production to be in the range of 86-90 MMcfe per day. The Company expects the remaining shut-in production to be restored throughout Q408 and Q109.

Sees capex for '08 in the range of $265-$285 million.

PetroQuest Energy, Inc. operates as an independent oil and gas company.

Related Categories

Corporate News
Guidance

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Related Entities

• JPMorgan
• Calyon Securities
• Banc of America

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