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If you like small E&Ps which are growing production at a great rate, check out PQUE's announcement today and the production coming on stream in the 4th Q 2000 and 1st Q 2001.
PETROQUEST ENERGY, INC. ANNOUNCES THIRD QUARTER 2000 RESULTS;
INCREASED PRODUCTION AND COMMODITY PRICES ACCOUNT FOR SIGNIFICANTLY IMPROVED OPERATING RESULTS
Lafayette, Louisiana — November 7, 2000 - PetroQuest Energy, Inc. (NASDAQ: PQUE; TSE: PQU) 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. |
