PetroQuest Energy Inc. (PQ, Financial) filed Quarterly Report for the period ended 2009-03-31.
PetroQuest Energy Inc. is an 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 and in the Gulf of Mexico. PetroQuest Energy Inc. has a market cap of $204.5 million; its shares were traded at around $4.02 with a P/E ratio of 4.4 and P/S ratio of 0.6. PetroQuest Energy Inc. had an annual average earning growth of 49.9% over the past 5 years.
Gas production during the first quarter of 2009 increased 34% from the comparable period in 2008. The increase in gas production was primarily the result of our drilling success during 2008 in our longer life basins, where the production is primarily natural gas, as well as discoveries at our Pelican Point and Kent Bayou fields in south Louisiana. Overall, production during the first quarter of 2009 was 28% higher than the 2008 period.
The Credit Agreement is secured by a first priority lien on substantially all of our assets, including a lien on all equipment and at least 85% of the aggregate total value of our oil and gas properties. Outstanding balances under the Credit Agreement bear interest at the alternate base rate (ABR) plus a margin (based on a sliding scale of 1.625% to 2.625% depending on borrowing base usage) or the adjusted LIBO rate (Eurodollar) plus a margin (based on a sliding scale of 2.5% to 3.5% depending on borrowing base usage). The alternate base rate is equal to the highest of (i) the JPMorgan Chase prime rate, (ii) the Federal Funds Effective Rate plus 0.5% or (iii) the adjusted LIBO rate plus 1%. For the purposes of the definition of alternative base rate only, the adjusted LIBO rate is equal to the rate at which dollar deposits of $5,000,000 with a one month maturity are offered by the principal London office of JPMorgan Chase Bank, N.A. in immediately available funds in the London interbank market. For all other purposes, the adjusted LIBO rate is equal to the rate at which Eurodollar deposits in the London interbank market for one, two, three or six months (as selected by us) are quoted, as adjusted for statutory reserve requirements for Eurocurrency liabilities. Outstanding letters of credit are charged a participation fee at a per annum rate equal to the margin applicable to Eurodollar loans, a fronting fee and customary administrative fees. In addition, we pay commitment fees of 0.5%.
Read the The complete ReportPQ is in the portfolios of Lee Ainslie, David Dreman of Dreman Value Management, NWQ Managers of NWQ Investment Management Co.
PetroQuest Energy Inc. is an 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 and in the Gulf of Mexico. PetroQuest Energy Inc. has a market cap of $204.5 million; its shares were traded at around $4.02 with a P/E ratio of 4.4 and P/S ratio of 0.6. PetroQuest Energy Inc. had an annual average earning growth of 49.9% over the past 5 years.
Highlight of Business Operations:
Production. Oil production during the first three months of 2009 decreased 10% from 2008 primarily due to normal production declines at our Ship Shoal 72 and Turtle Bayou Fields, which produce approximately half of our total oil production. Partially offsetting these declines was an increase due to the inception of production at our Pelican Point Field in May 2008, which accounted for approximately 12% of our total oil production during the 2009 period.Gas production during the first quarter of 2009 increased 34% from the comparable period in 2008. The increase in gas production was primarily the result of our drilling success during 2008 in our longer life basins, where the production is primarily natural gas, as well as discoveries at our Pelican Point and Kent Bayou fields in south Louisiana. Overall, production during the first quarter of 2009 was 28% higher than the 2008 period.
The Credit Agreement is secured by a first priority lien on substantially all of our assets, including a lien on all equipment and at least 85% of the aggregate total value of our oil and gas properties. Outstanding balances under the Credit Agreement bear interest at the alternate base rate (ABR) plus a margin (based on a sliding scale of 1.625% to 2.625% depending on borrowing base usage) or the adjusted LIBO rate (Eurodollar) plus a margin (based on a sliding scale of 2.5% to 3.5% depending on borrowing base usage). The alternate base rate is equal to the highest of (i) the JPMorgan Chase prime rate, (ii) the Federal Funds Effective Rate plus 0.5% or (iii) the adjusted LIBO rate plus 1%. For the purposes of the definition of alternative base rate only, the adjusted LIBO rate is equal to the rate at which dollar deposits of $5,000,000 with a one month maturity are offered by the principal London office of JPMorgan Chase Bank, N.A. in immediately available funds in the London interbank market. For all other purposes, the adjusted LIBO rate is equal to the rate at which Eurodollar deposits in the London interbank market for one, two, three or six months (as selected by us) are quoted, as adjusted for statutory reserve requirements for Eurocurrency liabilities. Outstanding letters of credit are charged a participation fee at a per annum rate equal to the margin applicable to Eurodollar loans, a fronting fee and customary administrative fees. In addition, we pay commitment fees of 0.5%.
Read the The complete ReportPQ is in the portfolios of Lee Ainslie, David Dreman of Dreman Value Management, NWQ Managers of NWQ Investment Management Co.
