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Petroquest Completed The Sale of Fayetteville Assets

Source: www.gulfoilandgas.com 1/7/2013, Location: North America

PetroQuest Energy, Inc. announced that on December 31, 2012, the Company completed the sale of its Fayetteville Shale assets (100% non-operated) located in Arkansas for net proceeds of approximately $9.2 million, subject to customary post-closing adjustments. The Company estimates that operating cash flow generated from its Fayetteville assets during 2012 totaled approximately $1.3 million on average daily production of approximately 5 MMcf/d. As of September 30, 2012, the Company estimated that proved reserves associated with the Fayetteville assets totaled approximately 11 Bcf with an estimated discounted net cash flow (PV-10) of $5.5 million using SEC pricing [$2.83/Mcf and $94.97/barrel]. The sale will not impact the current borrowing base of $130 million under the Company's credit facility.

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