PetroQuest sells Eagle Ford assets

PetroQuest Energy Inc.

PetroQuest Energy Inc. (NYSE: PQ) has completed the sale of its Eagle Ford assets for net proceeds of $9.7 million. 

The company estimates that operating cash flow generated from its Eagle Ford assets during the first six months of 2014 totaled $2 million on average daily production of 195 barrels of oil equivalent per day. As of June 30, the company estimated that proved reserves associated with the Eagle Ford assets totaled 2.1 Bcfe with an estimated discounted net cash flow (PV-10) of $6.6 million. 

PetroQuest’s bank group has completed its semi-annual redetermination of its borrowing base under its credit facility. As a result, the company's $200 million borrowing base has been increased to $220 million and the commitment level has been increased from $150 million to $170 million. The next redetermination of the borrowing base is scheduled to occur before March 31, 2015.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...