PetroQuest Energy, Inc. Stock to Trade on the OTC Bulletin Board
LAFAYETTE, LOUISIANA--PetroQuest Energy, Inc. (formerly NASDAQ: PQUE) announced today its securities ceased trading on The NASDAQ Stock Market effective on the close of business, Wednesday, May 5, 1999. The delisting was a result of the company's failure to satisfy the revised listing and maintenance standards as contained in SEC Release No. 34-38961 (August 22, 1997), which included a minimum bid price of $1.00 for the stock. The Company's stock is immediately eligible to trade on the OTC Bulletin Board under the symbol PQUE, subject to the applicable rules. The Company's listing on the Toronto Stock Exchange is not effected and it will continue to trade under the symbol PQU.
PetroQuest Energy is an independent oil and gas company headquartered in Lafayette, Louisiana, with an exploration office in Houston, Texas. It is engaged in the exploration, development, acquisition and operation of oil and gas properties in Louisiana and 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.
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Contact:
PetroQuest Energy, Inc.
Charles T. Goodson
(318) 232-7028
or
PetroQuest Energy, Inc.
Robert R. Brooksher
(318) 232-7028
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PQUE closed unchanged today at $.719.
I hear they have about 8 companies milling around the company offices looking at their Turtle Bayou & Valentine plays --- they should have no problem farming both of these out on great terms.
The offshore well will start producing in about 4 weeks. |
