PetroQuest Energy Inc., Lafayette, La., emerged from bankruptcy after meeting conditions of its Chapter 11 plan of reorganization, which was confirmed by the US Bankruptcy Court for the Southern District of Texas on Jan. 31. Through the process, the company eliminated $295 million in debt and preferred equity obligations.
The company’s post-restructuring balance sheet includes $130 million of debt outstanding. The company’s current cash balance is estimated at $23 million.
The company ended 2018 with about 130.3 bcf equivalent of estimated proved oil and gas reserves. Estimated proved reserves at Dec. 31, 2018, comprised 82% gas, 5% oil, and 13% natural gas liquids. Some 47% of the reserves were proved developed.
PetroQuest estimates that its 2018 production was about 21.4 bcfe (75% gas, 9% oil, and 16% NGLs), or 58.7 MMcfed, including fourth-quarter 2018 production of 4.6 bcfe (75% gas, 8% oil, and 17% NGLs), or 50.4 MMcfed.
