Ron,
I will leave to others to answer your questions...
RE: 50K block trade...now we know why:
<<<PetroQuest Energy, Inc. Announces Private Placement of Common Stock and Warrants
LAFAYETTE, La.--(BUSINESS WIRE)--Aug. 5, 1999--PetroQuest Energy, Inc. (OTC BB: PQUE) (TSE: PQU), announced today the initial funding of a private placement of 5 million units at a purchase price of US$1.00 per unit for a total consideration of US$5,000,000 before fees and expenses.
US$4,000,000 of the total consideration has been received, with the remaining funds expected to be received within the next two weeks. The proceeds from the private placement will be used for drilling and exploration costs, delay rentals on oil and gas leases and working capital and general corporate purposes.
Each unit sold in the private placement consists of one share of the Company's common stock and one warrant exercisable to purchase one-half a share of the Company's common stock. Each warrant is exercisable at any time through the fourth year after issuance to purchase one-half of a share of the Company's common stock at a per-share purchase price of US$1.25. In addition, the Company has agreed to file a registration statement covering the resale of the Company's common stock underlying the units and the shares of Company common stock issuable on exercise of the warrants within 60 days after the closing of the private placement. The securities offered pursuant to the private placement will not be or have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
PetroQuest Energy, Inc. is an oil and gas exploration and production company primarily focused on growing its reserves and shareholder value through a combination of drilling development locations and high-potential exploration prospects along and in the Gulf of Mexico.
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future, including drilling of wells, reserve estimates, future production of oil and gas, future cash flows and other such matters are forward-looking statements. Such forward-looking statements are subject to certain risks, uncertainties and other factors which could cause actual results to differ materially from those currently anticipated. These factors include, without limitation, uncertainties inherent in estimating proven oil and gas reserves, future rates of production and timing of development expenditures; results of exploratory and developmental drilling; operating hazards attendant to the oil and gas business; the successful identification, acquisition and development of properties; and changes in the price received for oil and/or gas which may effect results of operations and cash flows. Readers are cautioned that any such statements are not guarantees of future performance and the company can give no assurances that actual results or developments will not differ materially from those projected in the forward-looking statements.
CONTACT:
PetroQuest Energy, Inc., Lafayette
Charles Goodson, President
Robert R. Brooksher, Chief Financial Officer
318/232-7028
KEYWORD: LOUISIANA
BW0180 AUG 05,1999
9:41 PACIFIC
12:41 EASTERN>>> |
