NEWS RELEASE!
Here it is from the Yahoo site, looks better than the .coms, at least PQUE has earnings.
Tuesday November 7, 8:43 am Eastern Time
Press Release
PetroQuest Energy, Inc. Announces Third Quarter 2000 Results
Increased Production and Commodity Prices Account for Significantly Improved Operating Results
LAFAYETTE, La.--(BUSINESS WIRE)--Nov. 7, 2000--PetroQuest Energy, Inc. (NASDAQ:PQUE - news; TSE:PQU - news) announced today net income for the quarter ended September 30, 2000, of $3,019,000, or $0.10 per share, compared to third quarter 1999 net income of $212,000, or $0.01 per share.
Net cash flow from operations before working capital changes for the third quarter of 2000 increased to $4,661,000, or $ 0.16 per share, as compared to $1,258,000, or $0.06 per share, for the comparable 1999 period. For the first nine months of 2000, net income was $4,685,000, or $0.18 per share, and net cash flow from operations before working capital changes totaled $8,673,000, or $0.34 per share. Net loss and net cash flow from operations before working capital changes for the first nine months of 1999 were $(1,046,000), or $(0.05) per share, and $2,012,000, or $0.10 per share, respectively.
On a thousand cubic feet equivalent (Mcfe) basis, third quarter 2000 production volumes equaled 1,298,000 Mcfe, a 37% increase over third quarter 1999 production volumes. For the first nine months of 2000, production volumes increased from 2,272,000 Mcfe in 1999 to 3,368,000 Mcfe or 48%. This is the result of the Company's successful exploration program, which added four wells to production since the third quarter of 1999. Currently, the Company's average daily production is approximately 15 million cubic feet of gas equivalent per day.
Oil and gas sales during the third quarter of 2000 increased 136% to $6,035,000 as compared to the third quarter of 1999. For the first nine months of 2000, sales increased 144% to $12,937,000 from $5,295,000 in the first nine months of 1999. In addition to the production increases discussed above, product prices increased significantly. Prices received during the third quarter of 2000 averaged $34.89 per barrel of oil and $4.37 per Mcf of gas, as compared to averages of $19.66 per barrel and $2.53 per Mcf received in the 1999 period. For the first nine months of 2000, prices averaged $29.85 per barrel of oil and $3.56 per Mcf of gas, as compared to $16.02 per barrel and $2.22 per Mcf received in the same period of 1999. Stated on a Mcfe basis, unit prices received during the third quarter and first nine months of 2000 were 75% and 69% higher, respectively, than the prices received during the comparable 1999 periods.
``Over the past year, we have experienced significant increases in production and product prices resulting in an approximate tripling of cash flow per share. As a result of the continuing development activities at our Falcon Prospect at Vermilion Block 376 and our Jaguar Prospect at Eugene Island Block 147, we expect to see additional production increases in the fourth quarter of 2000 and the first quarter of 2001,'' said Charles Goodson, PetroQuest's Chairman and Chief Executive Officer. ``Two wells at Falcon should begin to produce in the latter part of the fourth quarter adding 6,000 to 6,500 Mcfe to our daily production. The two wells at Jaguar are expected to go on production late first quarter at between 4,500 and 5,000 Mcfe per day net to the Company.
``Our drilling program remains active. The first well at our Orca Prospect in the Tuscaloosa Marine Shale Area is currently drilling. We expect to begin our next well in the Valentine Field at our Tiger Prospect later this year or the beginning of next year upon receipt of a contracted rig. We plan to follow that next year by three to five additional prospects in that field. Two wells are planned in our Turtle Bayou Field in the first six months of 2001. Our prospect generation effort is continuous which should result in aggressive exploration and exploitation activity next year.''
PetroQuest Energy, Inc. is an independent 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 the coast of, 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 affect 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.
Consolidated Statements of Operations
(unaudited)
(amounts in thousands, except per-share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
---- ---- ---- ----
Revenues:
Oil and gas sales $ 6,035 $ 2,557 $ 12,937 $ 5,295
Interest income 97 19 205 59
---------- ----------- ---------- ----------
6,132 2,576 13,142 5,354
---------- ----------- ---------- ----------
Expenses:
Lease operating
expenses 540 802 1,837 1,777
Production taxes 275 105 626 262
Depreciation,
depletion and
amortization 1,642 1,046 3,988 3,058
General and
administrative 652 344 1,993 1,055
Interest expense 4 114 13 305
Foreign exchange
(gain) loss - (49) - (57)
---------- ----------- ---------- ----------
Income (loss) from
operations 3,113 212 8,457 (1,046)
Income tax expense - - - -
---------- ----------- ---------- ----------
Net income (loss) $ 3,019 $ 212 $ 4,685 $ (1,046)
========== =========== ========== ==========
Earnings per
common share
Basic 0.10 0.01 0.18 (0.05)
==== ==== ==== =====
Diluted 0.10 0.01 0.17 (0.05)
==== ==== ==== =====
Weighted average
common shares
Basic 29,334 21,323 25,835 20,907
Diluted 30,799 21,519 26,938 20,981
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Contact:
PetroQuest Energy, Inc., Lafayette
Charles T. Goodson or Robert R. Brooksher, 337/232-7028
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