-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Mb4rbo04z3inoQphdQ6+SHyo9ZQFmuci+OvNirM0vCqH+QoVy9/fHQffE1gv0Cdd 0eUu7a6IpYvRwNwyzYNPpQ== 0000950129-04-000061.txt : 20040108 0000950129-04-000061.hdr.sgml : 20040108 20040108112903 ACCESSION NUMBER: 0000950129-04-000061 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040108 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PETROQUEST ENERGY INC CENTRAL INDEX KEY: 0000872248 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 721440714 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19020 FILM NUMBER: 04514742 BUSINESS ADDRESS: STREET 1: 400 E KALISTE SALOOM RD SUITE 6000 CITY: LAFAYETTE STATE: LA ZIP: 70508 BUSINESS PHONE: 3372327028 MAIL ADDRESS: STREET 1: 400 E KALISTE SALOOM RD SUITE 6000 CITY: LAFAYETTE STATE: LA ZIP: 70508 FORMER COMPANY: FORMER CONFORMED NAME: OPTIMA PETROLEUM CORP DATE OF NAME CHANGE: 19950726 8-K 1 h11752e8vk.txt PETROQUEST ENERGY, INC. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): January 8, 2004 (January 8, 2004) PETROQUEST ENERGY, INC. (Exact name of registrant as specified in its charter) Delaware (State of incorporation) 1-9020 76-1440714 (Commission File Number) (IRS Employer Identification No.) 400 E. Kaliste Saloom Road, Suite 6000, Lafayette, Louisiana 70508 (Address of Registrant's principal executive offices) Registrant's telephone number, including area code (337) 232-7028 Not Applicable (Former name or former address, if changed since last report) ITEM 5. OTHER EVENTS AND REQUIRED FD DISCLOSURE On January 8, 2004, PetroQuest Energy, Inc. issued a press release updating, among other things, its drilling activities and fourth quarter 2003 production guidance. The press release is filed as an exhibit hereto and is incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS a. Financial Statement of Business Acquired None. b. Pro Forma Financial Information None. c. Exhibits 99.1 Press Release. [SIGNATURE PAGE FOLLOWS] 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: January 8, 2004 PETROQUEST ENERGY, INC. By: /s/ Daniel G. Fournerat --------------------------------------- Daniel G. Fournerat Senior Vice President, General Counsel and Secretary 3 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION - ------- ----------- 99.1 Press Release. EX-99.1 3 h11752exv99w1.txt PRESS RELEASE EXHIBIT 99.1 [PETROQUEST LOGO] NEWS RELEASE IMMEDIATE RELEASE For further information, contact: Robert R. Brooksher, Vice President - Corporate Communications (337) 232-7028 PETROQUEST ENERGY UPDATES ACTIVITIES Lafayette, Louisiana - January 8, 2004 - PetroQuest Energy, Inc. (NASDAQ: PQUE) today provided an update on its recent drilling activities at its Company-operated Amberjack, Eagle and Dolcetto prospects. The well at its Amberjack Prospect located in Terrebonne Parish, Louisiana has been drilled to total depth of 12,400 feet. The primary objectives were not productive, but a secondary objective has approximately 32 feet (TVD) of productive sand. The well began producing last week at a gross rate of approximately 3,000 Mcfe per day. PetroQuest has an approximate 29% net revenue interest in this well. At its approximate 50% net revenue interest owned Main Pass Eagle Prospect, the Company has drilled to a total depth of 10,050 feet encountering approximately 71 feet (TVD) of net productive sands. The well began producing last week at a gross rate of approximately 9,000 Mcfe per day. The Dolcetto Prospect well, located in Ship Shoal 72 Field, has been drilled to a total depth of 14,500 feet. It encountered approximately 53 feet (TVD) of net productive sands. The well is being completed with first production expected in early February at an anticipated rate of 3,000-5,000 Mcfe per day. PetroQuest has an approximate 45% net revenue interest in this well. As an update of previously issued production guidance, production for the fourth quarter of 2003 is expected to average between 27,500 Mcfe and 28,500 Mcfe per day. The following recaps the Company's current hedge position:
Period Product Amount/Day Hedge Type Price ------ ------- ---------- ---------- ----- Calendar '04 Gas 3,700 Mmbtu Costless Collar $4.16-$6.73/Mmbtu Calendar '04 Oil 750 Bbl Costless Collar $25.67-$29.14/Bbl 1st Qtr '04 Gas 6,800 Mmbtu Costless Collar $4.50-$7.10/Mmbtu 2nd Qtr '04 Gas 4,800 Mmbtu Costless Collar $4.50-$5.53/Mmbtu 3rd Qtr '04 Gas 2,300 Mmbtu Costless Collar $4.50-$5.49/Mmbtu Calendar '05 Gas 750 Mmbtu Swap $4.55/Mmbtu Calendar '05 Gas 1,500 Mmbtu Costless Collar $4.50-$5.19/Mmbtu Calendar '05 Oil 500 Bbl Costless Collar $23.00-$26.20/Bbl Calendar '06 Gas 1,500 Mmbtu Swap $4.53/Mmbtu Calendar '06 Oil 200 Bbl Costless Collar $23.00-$26.40/Bbl
PetroQuest Energy, Inc. is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in East Texas, South Louisiana and the shallow waters of the Gulf of Mexico. This press release contains "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. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are our estimate of the sufficiency of our existing capital sources, our ability to raise additional capital to fund cash requirements for future operations, the uncertainties involved in estimating quantities of proved oil and natural gas reserves, in prospect development and property acquisitions and in projecting future rates of production, the timing of development expenditures and drilling of wells, and the operating hazards attendant to the oil and gas business. In particular, careful consideration should be given to cautionary statements made in the various reports PetroQuest has filed with the Securities and Exchange Commission. PetroQuest undertakes no duty to update or revise these forward-looking statements. -----END PRIVACY-ENHANCED MESSAGE-----