Iberia Capital Upgrades PetroQuest (PQ) to Outperform
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PetroQuest Energy Announces $280 Million Sell-Down Of Arkoma Assets; Updates Borrowing Base, Operations And Production And Cost Guidance
June 5, 2015 5:00 PM EDTLAFAYETTE, La., June 5, 2015 /PRNewswire/ -- PetroQuest Energy, Inc. (NYSE: PQ) today announced the closing of the sale of the majority of its interests in the Woodford and Mississippian Lime (the "Sold Assets") for gross proceeds of $280 million, subject to estimated purchase price adjustments between the effective date of January 1, 2015 and the closing date. During the first quarter of 2015, the Sold Assets produced approximately 46 MMcfe/d and generated net operating cash flow of approximately $7.5 million. As of December 31, 2014, the Company's estimated proved reserves attributable to the Sold Assets totaled approximately 227 Bcfe... More
