PetroQuest Energy, Inc. (OTCMKTS:PTQEP) Files An 8-K Other EventsItem 8.01.Other Events
On June 21, 2018, PetroQuest Energy, Inc., a Delaware corporation (the “Company”), and PetroQuest Energy, L.L.C., a Louisiana limited liability company and wholly owned subsidiary of the Company (the “Borrower”), entered into a waiver and consent (the “Consent”) with the lenders under their Multidraw Term Loan Agreement dated as of October 17, 2016 (as amended, the “Loan Agreement”), and the Borrower borrowed an additional $2.5 million under the Loan Agreement, subject to certain payment conditions with respect to specified past due obligations. Under the terms of the Consent, the lenders under the Loan Agreement agreed to waive (x) any Defaults or Events of Default (as those terms are defined in the Loan Agreement) that may have occurred as a result of the failure by the Borrower to pay such specified obligations that were past due and (y) certain conditions to such borrowing relating to the financial condition of the Company and its subsidiaries.
About PetroQuest Energy, Inc. (OTCMKTS:PTQEP)
PetroQuest Energy, Inc. is an oil and gas company. The Company is engaged in exploratory, development and acquisition activities. The Company has approximately 30 gross exploratory wells and over 30 gross development wells. The Company has reserves in various areas, including East Texas, Gulf Coast Basin and Oklahoma Woodford. Its annual production from East Texas area is approximately 114.1 billions of cubic feet equivalent (Bcfe); Gulf Coast Basin is over 43.9 Bcfe, and Oklahoma Woodford is approximately 20.0 Bcfe. The net production from its East Texas assets averages over 30.4 millions of cubic feet equivalent (MMcfe) per day. Production from Gulf Coast Basin area totals approximately 37.8 MMcfe per day. The average daily production from its Oklahoma-Woodford properties totals over 25 MMcfe per day. The Company sells its oil and natural gas production under fixed or floating market contracts.
