(PQU.) PetroQuest Energy Reports 1999 Year-End and Fourth-Quarter Results
LAFAYETTE, La., Apr 4, 2000 (BUSINESS WIRE) -- PetroQuest Energy, Inc.
(Nasdaq: PQUE)(TSE:PQU) today reported the results of its operations for the year
and three-month period ended December 31, 1999.
Operating results for the year ended December 31, 1999, included oil and gas
sales of $8.5 million from average production of 9.5 million cubic feet of gas
equivalent per day (MMcfe/d). This corresponds to sales of $3.3 million from
average daily production of 4.3 MMcfe/d during 1998.
For the 12 months ended December 31, 1999, the Company reported a net loss of
$0.3 million, or $0.01 loss per share. At year-end 1998, the Company reported a
net loss of $16.2 million, or $1.20 per share. Operating results improved in
1999 due to the Company's successful exploration program, which increased
production as well as improved product prices. Also, 1998 included a non-cash
charge of $13.4 million for oil and gas property impairment.
Operating results for the three-month period ended December 31, 1999, included
oil and gas sales of $3.2 million from average production of 12.9 MMcfe/d. This
corresponds to sales of $1.4 million from average daily production of 8.0
MMcfe/d during the same period of 1998. The net income per share for 1999's
fourth quarter was $0.03 compared to a loss of $0.17 for the same period of
1998.
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 development
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.
PETROQUEST ENERGY, INC.
Summary Revenues and Net Incomes
(amounts in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
1999 1998 1999 1998
---- ---- ---- ----
Oil and Gas Sales $ 3,221 $ 1,403 $ 8,516 $ 3,263
Net Income (Loss) $ 736 $ (3,233) $ (310) $(16,240)
Earnings (Loss) Per
Common Share
Basic $ 0.03 $ (0.17) $ (0.01) $ (1.20)
Diluted $ 0.03 $ (0.17) $ (0.01) $ (1.20)
Average Shares
Outstanding 21,486 18,544 21,528 13,528
Average Shares
Outstanding
Assuming Dilution 21,774 18,544 21,528 13,528
Distributed via COMTEX.
Copyright (C) 2000 Business Wire. All rights reserved.
CONTACT: PetroQuest Energy, Inc.
Charles Goodson, President
Robert R. Brooksher, Chief Financial Officer
337/232-7028
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