Petroquest Energy Announces Extension of Exchange Offer for 10% Second Lien Senior Secured Notes Due 2021 and 10% Second Lien...
May 26 2017 - 8:25AM
PetroQuest Energy, Inc. (NYSE:PQ) today announced that it has
extended the expiration date of its offer to exchange (the
“Exchange Offer”) (i) up to $14,177,000 of 10% Second Lien
Senior Secured Notes due 2021 that have been registered under the
Securities Act of 1933 for any and all outstanding $14,177,000 of
10% Second Lien Senior Secured Notes due 2021 that have not been
registered under the Securities Act of 1933 (the “Secured Notes”),
and (ii) up to $251,867,646 of 10% Second Lien Senior Secured PIK
Notes due 2021 that have been registered under the Securities Act
of 1933 for any and all outstanding $251,867,646 of 10% Second Lien
Senior Secured PIK Notes due 2021 that have not been registered
under the Securities Act of 1933 (the “Secured PIK Notes”).
All other terms and conditions of the Exchange Offer, as described
in the Company’s prospectus dated April 26, 2017 and the
related letter of transmittal, remain unchanged.
The Exchange Offer will now expire at 5:00 p.m.,
New York City time, on June 2, 2017, unless further extended by the
Company at its sole discretion. The Company has been advised by its
exchange agent that as of 5:00 p.m., New York City time, on May 25,
2017, approximately $14,170,000 and $244,463,724 in aggregate
principal amount of the outstanding Secured Notes and Secured PIK
Notes (constituting approximately 99% and 97% of the principal
amount of such outstanding Secured Notes and Secured PIK Notes),
respectively, had been validly tendered for exchange. The Exchange
Offer is being extended in order to provide holders of the Secured
Notes and Secured PIK Notes, who have not yet tendered their notes
for exchange, additional time to do so.
This news release is not an offer to buy or sell
or the solicitation of an offer to buy or sell any of the
securities described herein, nor shall there be any offer,
solicitation or sale of such securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful. The
Exchange Offer is being made only pursuant to the Exchange Offer
documents that were distributed to holders of the Secured Notes and
Secured PIK Notes, including the Company’s prospectus dated
April 26, 2017 and the related letter of transmittal.
Forward-Looking StatementsThis news release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements other
than statements of historical fact included in this news release
are forward-looking statements. Although the Company believes that
the expectations reflected in these forward-looking statements are
reasonable, these statements are based upon assumptions and
anticipated results that are subject to numerous uncertainties and
risks. Actual results may vary significantly from those anticipated
due to many factors, including the volatility of oil and natural
gas prices and significantly depressed oil prices since the end of
2014; our indebtedness and the significant amount of cash required
to service our indebtedness; our estimate of the sufficiency of our
existing capital sources, including availability under our new
multi-draw term loan facility; our ability to post additional
collateral to satisfy our offshore decommissioning obligations; our
ability to execute our 2017 drilling and recompletion program as
planned and to increase our production; our ability to hedge future
production to reduce our exposure to price volatility in the
current commodity pricing market; our ability to find, develop and
produce oil and natural gas reserves that are economically
recoverable and to replace reserves and sustain and/or increase
production; ceiling test write-downs resulting, and that could
result in the future, from lower oil and natural gas prices; our
ability to raise additional capital to fund cash requirements for
future operations; limits on our growth and our ability to finance
our operations, fund our capital needs and respond to changing
conditions imposed by our multi-draw term loan facility and
restrictive debt covenants; approximately 50% of our production
being exposed to the additional risk of severe weather, including
hurricanes, tropical storms and flooding, and natural disasters;
losses and liabilities from uninsured or underinsured drilling and
operating activities; changes in laws and governmental regulations
as they relate to our operations; the operating hazards attendant
to the oil and gas business; the volatility of our stock price; and
our ability to continue to meet the continued listing standards of
the New York Stock Exchange with respect to our common stock or to
cure any deficiency with respect thereto. In particular, careful
consideration should be given to cautionary statements made in the
various reports the Company has filed with the SEC. The Company
undertakes no duty to update or revise these forward-looking
statements.
Click here for more information:
“http://www.petroquest.com/news.html?=BizID=1690&1=1”
For further information, contact:
Matt Quantz, Manager - Corporate Communications
(337) 232-7028, www.petroquest.com