PETROQUEST ENERGY INC

4 Oct 2011debt financing▲ GoodMajor

On October 4, 2011 PetroQuest signed a Fourth Amendment to its credit agreement, extending maturity to October 3, 2016 and raising the borrowing base from $100 million to $125 million. Lender commitments are $100 million and can rise to $300 million. The company had no borrowings outstanding and was in compliance with its covenants. The amendment also permits up to $10 million of share buybacks, subject to a liquidity test, and lowers the share of properties that must be pledged as security from 85% to 80%.

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14 Sept 2011drilling progress report▲ GoodMajor

PetroQuest closed the purchase of 28,250 acres of Mississippian Lime in Pawnee County, Oklahoma for an adjusted $24.1 million. The acreage has about 50 Boe/d of production and five saltwater disposal wells. It then sold a 50% working interest in the Pawnee acreage for about $14.5 million. The company now has about 24,000 net acres in Oklahoma and Kansas and expects to spud its first Mississippian Lime well near the end of the year. This is a new area for the company.

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19 Aug 2010security holder rights change▲ GoodMajor

On August 19, 2010 PetroQuest closed the $150 million 10% Senior Notes due 2017 (due September 1, 2017, guaranteed by its subsidiaries, with interest starting March 1, 2011). It also bought a majority of the 2012 notes in the tender offer, and a supplemental indenture removed substantially all of that older issue's restrictive covenants. The remaining proceeds and cash on hand are intended to redeem or repurchase any 2012 notes not tendered. This completes the refinancing started earlier in the month.

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16 Aug 2010material agreement▲ GoodMajor

On August 12, 2010 PetroQuest priced a $150 million public offering of 10% Senior Notes due 2017 at par, with closing set for August 19, 2010. Net proceeds of about $146.2 million are meant to fund the tender offer and consent solicitation for the 10 3/8% notes due 2012. This is the new debt that replaces the 2012 notes, at a lower stated interest rate and a later maturity.

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6 Aug 2010material agreement● NeutralMajor

On August 5, 2010 PetroQuest started a cash tender offer for all of its $150 million 10 3/8% Senior Notes due 2012, and asked holders to consent to removing most of the notes' restrictive covenants. A Third Amendment to the bank credit agreement the same day lets it issue up to $200 million of new debt to refinance those notes. It also gives more time and options to repay if the borrowing base is cut. This acts on the open question of how the 2012 notes would be dealt with.

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25 May 2010material agreement▲ GoodMajor

On May 24, 2010 PetroQuest sold WSGP Gas Producing, LLC (a NextEra Energy Resources subsidiary) an undivided 50% of its proven undeveloped Woodford Shale reserves, plus certain rights over 50% of its undeveloped Woodford acreage, for $60 million cash. WSGP will also pay $14 million on Nov 30, 2011, and a further $14 million if drilling performance targets are met. It will fund part of PetroQuest's drilling costs, up to $54 million in Phase 1 and up to $92.6 million in Phase 2 if it opts in. This is a partial sale of the Woodford Shale position that was under strategic review, and it creates a new joint venture partner.

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1 Oct 2009material agreement● NeutralMajor

On September 30, 2009 PetroQuest amended its bank credit agreement a second time, cutting the borrowing base from $130 million to $100 million effective October 1, 2009. This is the redetermination that was due by Sept 30, 2009. The company had $100 million drawn and said it was in compliance with its covenants. It estimated cash of about $80 million. The amendment removes the $10 million minimum liquidity requirement and lets certain property sales be paid in asset exchanges rather than only cash. A same-day press release also raised third quarter production guidance, but the filing gives no figures for it.

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26 June 2009material agreement● NeutralMajor

On June 24, 2009 PetroQuest priced a public offering of 10,000,000 new common shares at $3.50 each, with underwriters then taking an extra 1,500,000 shares, for expected net proceeds of about $37.7 million. Closing was scheduled for June 30, 2009. This dilutes existing shareholders by issuing 11.5 million new shares and brings in cash; the filing does not say how the money will be used.

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