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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): May 8, 2001
PETROQUEST ENERGY, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State of incorporation)
1-9020 72-1440714
(Commission File Number) (IRS Employer
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
THE FOLLOWING STATEMENTS WERE RELEASED TO THE PRESS ON MAY 8, 2001.
PETROQUEST ENERGY ANNOUNCES FIRST QUARTER RESULTS
WITH RECORD QUARTERLY PRODUCTION
Lafayette, Louisiana - May 8, 2001 - PetroQuest Energy, Inc. (NASDAQ: PQUE)
announced today net income for the quarter ended March 31, 2001 of $4,242,000 or
$0.13 per share, an increase of 574% as compared to first quarter 2000 net
income of $629,000 or $0.02 per share. Net cash flow from operations before
working capital changes for the first quarter of 2001 increased to $10,437,000
or $0.32 per share, an increase of 504% as compared to $1,729,000 or $0.07 per
share for the comparable 2000 period. Net income for the quarter ended March 31,
2001 included a non-cash deferred tax expense of $2,492,000. No tax provision
was required for the first quarter of 2000.
On a thousand cubic feet equivalent (Mcfe) basis, first quarter 2001 production
volumes equaled 2,025,000 Mcfe, a 95% increase over first quarter 2000
production volumes. This is the result of the Company's successful exploration
program, which added six wells to production since the first quarter of 2000.
Oil and gas sales during the first quarter of 2001 increased 298% to $12,345,000
as compared to the first quarter of 2000. In addition to the production
increases discussed above, natural gas prices increased significantly. The
prices received during the first quarter of 2001 averaged $7.10 per Mcf of gas,
as compared to an average of $2.60 per Mcf received in 2000. Stated on a Mcfe
basis, unit prices received during the first quarter of 2001 were 104% higher
than the prices received during the comparable 2000 period.
The following table sets forth certain information with respect to the oil and
gas operations of the Company for the three-month periods ended March 31, 2001
and 2000.
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Three Months Ended
March 31,
----------------------------
2001 2000
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Production:
Oil (Bbls) 139,080 34,230
Gas (Mcf) 1,190,478 831,019
Total Production (Mcfe) 2,024,958 1,036,399
Sales:
Total Oil Sales $3,894,810 $ 939,123
Total Gas Sales $8,450,214 $2,159,633
Average sales prices:
Oil (per Bbl) $ 28.00 $ 27.44
Gas (per Mcf) $ 7.10 $ 2.60
Per (Mcfe) $ 6.10 $ 2.99
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.
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PETROQUEST ENERGY, INC.
Consolidate Statements of Operations
(unaudited)
(Amounts In Thousands, Except Per Share Data)
2001 2000
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Revenues:
Oil and gas sales $12,345 $ 3,099
Interest and other income 208 52
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12,553 3,151
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Expenses:
Lease operating expenses 1,248 603
Production taxes 262 173
Depreciation, depletion and amortization 3,342 1,100
General and administrative 501 646
Interest expense 466 --
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5,819 2,522
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Income (loss) from operations 6,734 629
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Deferred income tax expense 2,492 --
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Net income (loss) $ 4,242 $ 629
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Earnings per common share:
Basic $ 0.14 $ 0.03
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Diluted $ 0.13 $ 0.02
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Weighted average per common share
Basic 30,505 24,048
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Diluted 32,714 25,541
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ITEM 7. FINANCIAL STATEMENT AND EXHIBITS
a. Financial Statement of Business Acquired
None.
b. Pro Forma Financial Information
None.
c. Exhibits
None.
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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: May 8, 2001 PETROQUEST ENERGY, INC.
By: /s/ Michael O. Aldridge
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Michael O. Aldridge
Senior Vice President, Chief Financial
Officer and Secretary