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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): April 19, 2001
PETROQUEST ENERGY, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State of incorporation)
1-9020 72-1440714
(Commission File (IRS Employer
Number) Identification No.)
400 E. Kaliste Saloom Road, Suite 3000, 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)
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ITEM 5. OTHER EVENTS
Lafayette, Louisiana - April 19, 2001 - PetroQuest Energy, Inc. (NASDAQ: PQUE)
announced today that its fourth well in the Ship Shoal 72 Field, the Sauvignon
Blanc Prospect, has been drilled and encountered 155 feet (TVD) of net
hydrocarbon pay. It is in the process of being completed with first production
expected in early June at a planned gross rate of 5,000 Mcf per day. The
previously announced successful Cabernet Prospect has begun production at a
gross rate of 5,000 Mcf per day, and the Merlot Prospect continues to produce at
a gross rate of 10,000 Mcfe per day. Construction of flow lines is in process
for the Chardonnay Prospect with production expected to begin in early June at a
planned gross rate of 10,000 Mcf per day.
"With the success of the Sauvignon Blanc Prospect, PetroQuest has completed
Phase I of our planned developmental growth in this core property," said Charles
Goodson, PetroQuest Chairman and Chief Executive Officer. "When PetroQuest
obtained this field in December 2000, there was no production. Our announced
plans to build daily gross production of this field to 30,000 Mcfe per day by
the end of the second quarter 2001 demonstrates the ability of our staff to
integrate a significant new project into an already extensive 2001 project
inventory. In addition, proprietary 3-D pre-stack time migration seismic data is
expected to be received in June which will further assist in the evaluation of
other developmental and exploration opportunities in this field."
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 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 and in projecting future rates of production, the
timing of development expenditures 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.
ITEM 7. FINANCIAL STATEMENT AND EXHIBITS
a. Financial Statement of Business Acquired
None.
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b. Pro Forma Financial Information
None.
c. Exhibits
None.
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: April 19, 2001 PETROQUEST ENERGY, INC.
By: /s/ Michael O. Aldridge
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Michael O. Aldridge
Senior Vice President, Chief Financial
Officer and Secretary