PetroQuest begins private exchange offer and consent solicitation

PetroQuest Energy Inc. (NYSE: PQ) has begun a private exchange offer and consent solicitation to eligible holders for up to $300 million aggregate principal amount of its outstanding 10% senior notes due 2017 (CUSIP No. 716748 AA6) for up to $75 million of cash, $202.5 million aggregate principal amount of its newly issued 10% second lien senior secured notes due 2021, and 6,000,000 shares of its common stock.

The exchange offer and consent solicitation is being made upon the terms and subject to the conditions set forth in a confidential offering memorandum and consent solicitation statement and related letter of transmittal and consent, each dated Jan. 14. PetroQuest has entered into support agreements with certain institutional holders who have participated in recent exchange transactions in favor of the exchange offer and consent solicitation.

The exchange offer and consent solicitation will expire at 11:59 p.m., New York City time, on Feb. 11, unless extended. For each $1,000 principal amount of old notes, up to the maximum exchange amount, validly tendered and not validly withdrawn prior to 5 p.m., New York City time, on Jan. 28, eligible holders will be eligible to receive the total exchange consideration, which includes the early tender premium. For each $1,000 in principal amount of the old notes, up to the maximum exchange amount, validly tendered after the early tender date, eligible holders will be eligible to receive only the exchange consideration.



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