U.S. Markets closed

PetroQuest Energy announces sale of Fayetteville Shale assets for $9.2M

PetroQuest Energy announced that on December 31, the company completed the sale of its Fayetteville Shale assets for net proceeds of approximately $9.2M, subject to customary post-closing adjustments. The company estimates that operating cash flow generated from its Fayetteville assets during 2012 totaled approximately $1.3M on average daily production of approximately 5 MMcf/d. As of September 30, the company estimated that proved reserves associated with the Fayetteville assets totaled approximately 11 Bcf with an estimated discounted net cash flow of $5.5M using SEC pricing. The sale will not impact the current borrowing base of $130M under the company’s credit facility.