Independent energy firm,
PetroQuest Energy Inc.
), declared that it has closed the offering of 10.0% senior notes
worth $200.0 million, maturing in 2017. The notes were offered to
select investors through private placement.
OASIS PETROLEUM (OAS): Free Stock Analysis
PETROQUEST ENGY (PQ): Free Stock Analysis
SANDRDG MS T II (SDR): Free Stock Analysis
SANCHEZ ENERGY (SN): Free Stock Analysis
To read this article on Zacks.com click here.
PetroQuest Energy had issued the notes at 100% of their face
value plus accrued interest since Mar 1, 2013. The company has
utilized the net proceeds from this offering to fund its recently
concluded acquisition of some oil and gas producing properties,
which are based in the Gulf of Mexico's shallow water area. The
acquisition price of the assets was roughly $192.0 million.
PetroQuest Energy's first-quarter 2013 earnings per share came in
at 4 cents, surpassing the Zacks Consensus Estimate of 2 cents by
100.0%. The better-than-expected result was mainly due to the
improvement in the total daily production along with
significantly lower depreciation, depletion and amortization
Lafayette, LA-based PetroQuest Energy engages in acquiring,
producing, exploring and developing natural gas and oil reserves,
which are located in the Arkoma Basin, East Texas, South
Louisiana and the Gulf of Mexico's shallow water area.
PetroQuest Energy currently retains a Zacks Rank #1 (Strong Buy),
implying that it is expected to significantly outperform the
broader U.S. equity market over the next one to three months.
Other operators apart from PetroQuest Energy in the exploration
and production sector with a favorable Zacks Rank are
Oasis Petroleum Inc.
Sanchez Energy Corp.
Sandridge Mississippian Trust II
). All the three companies presently carry a Zacks Rank #1