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.

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