EXHIBIT 99.1
[PETROQUEST ENERGY, INC. LETTERHEAD]
NEWS RELEASE
FOR IMMEDIATE RELEASE
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For further information, contact: Robert R. Brooksher, Vice President - Corporate Communications
(337) 232-7028
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PETROQUEST ENERGY, INC. ANNOUNCES 2002 YEAR-END
AND FOURTH QUARTER RESULTS
Lafayette, Louisiana - February 26, 2002 - PetroQuest Energy, Inc. (NASDAQ:
PQUE) announced today net income for the quarter ended December 31, 2002 of
$1,466,000, or $0.03 per share, as compared to fourth quarter 2001 net income of
$1,142,000, or $0.03 per share. Net cash flow from operations before working
capital changes for the fourth quarter of 2002 increased 26% to $10,984,000, or
$0.26 per share, as compared to $8,684,000, or $0.25 per share, for the
comparable 2001 period. For the year ended December 31, 2002, net income was
$2,307,000, or $0.06 per share, and net cash flow from operations before working
capital changes totaled $32,813,000, or $0.82 per share. Net income and net cash
flow from operations before working capital changes for the year ended December
31, 2001 were $11,645,000 or $0.34 per share, and $42,317,000 or $1.23 per
share, respectively.
Oil and gas sales during the fourth quarter of 2002 increased 21% to $15,056,000
as compared to the fourth quarter of 2001. For the year ended December 31, 2002,
sales were $48,141,000 compared to $54,967,000 for the year ended December 31,
2001. Stated on a Mcfe basis, unit prices received during the fourth quarter
were 51% higher and prices received during the year ended December 31, 2002 were
10% lower than the prices received during the comparable 2001 periods.
The following table sets forth certain information with respect to the oil and
gas operations of the Company for the three-month periods and years ended
December 31, 2002 and 2001:
Three Months Ended Twelve Months Ended
December 31, December 31,
2002 2001 2002 2001
---------- ---------- ----------- -----------
Production:
Oil (Bbls) 240,380 191,332 929,181 791,405
Gas (Mcf) 2,001,427 3,150,098 7,765,142 9,025,240
Total Production (Mcfe) 3,443,707 4,298,090 13,340,228 13,773,670
Sales:
Total oil sales $6,562,031 $4,098,533 $23,294,514 $20,171,659
Total gas sales $8,494,108 $8,321,954 $24,846,723 $34,794,876
Average sales prices:
Oil (per Bbl) $27.30 $21.42 $25.07 $25.49
Gas (per Mcf) $4.24 $2.64 $3.20 $3.86
Per Mcfe $4.37 $2.89 $3.61 $3.99
The following is guidance for the first quarter of 2003:
Guidance for
Description 1st Quarter 2003
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Production volumes (MMcfe/d) 33-35
Percent gas 60%
Expenses:
Lease operating expenses (per Mcfe) $1.00-$1.10
Production taxes (per Mcfe) $.06-$.08
Depreciation, depletion and amortization (per Mcfe) $2.55-$2.65
General and administrative (in millions) $1.4-$1.6
Interest expense (in millions) $.100-$.125
Effective tax rate (all deferred) 35%
PetroQuest Energy Inc. is an independent energy company engaged in the
exploration, development, acquisition and production of oil and natural gas
reserves in the Gulf Coast Basin, both onshore and in shallow waters offshore.
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.
Table follows.
PETROQUEST ENERGY, INC.
Consolidated Statements of Operations
(Amounts in Thousands, Except Per Share Data)
Three Months Ended Twelve Months Ended
December 31, December 31,
2002 2001 2002 2001
------- ------- ------- -------
(unaudited)
Revenues:
Oil and gas sales $15,056 $12,420 $48,141 $54,967
Interest and other income 1 (48) (461) 314
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15,057 12,372 47,680 55,281
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Expenses:
Lease operating expenses 2,748 2,032 9,988 7,172
Production taxes 173 274 614 1,096
Depreciation, depletion and amortization 8,559 7,681 28,196 23,094
General and administrative 1,251 1,573 5,009 4,752
Interest expense 25 429 278 2,111
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12,756 11,989 44,085 38,225
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Income from operations 2,301 383 3,595 17,056
Income tax expense (benefit) 835 (759) 1,288 5,411
------- ------- ------- -------
Net income (loss) $ 1,466 $ 1,142 $ 2,307 $11,645
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Earnings (loss) per common share:
Basic $ 0.04 $ 0.04 $ 0.06 $ 0.37
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Diluted $ 0.03 $ 0.03 $ 0.06 $ 0.34
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Weighted average number of common shares:
Basic 41,005 32,526 37,871 31,818
Diluted 42,920 34,935 39,997 34,271
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