PetroQuest Energy Common Stock Begins Trading on OTCQX Market
May 07 2018 - 8:53AM
PetroQuest Energy, Inc. (the “Company”) (OTCQX:PQUE) announced
today that shares of the Company’s common stock began trading on
the OTCQX market on Monday, May 7, 2018 under the symbol PQUE.
On May 4, 2018, the New York Stock Exchange (the
“NYSE”) issued a press release announcing that the staff of NYSE
Regulation had determined to suspend trading in the Company’s
common stock immediately and commence proceedings to delist the
Company’s common stock from the NYSE. NYSE Regulation reached its
decision to delist the Company’s common stock pursuant to Section
802.01B of the NYSE’s Listed Company Manual because the Company had
fallen below the NYSE’s continued listing standard requiring listed
companies to maintain an average global market capitalization over
a consecutive 30 trading day period of at least $15,000,000.
The Company has a right to a review of the NYSE
Regulation staff’s determination by a Committee of the Board of
Directors of the NYSE, and the NYSE will apply to the Securities
and Exchange Commission to delist the Company’s common stock upon
completion of all applicable procedures, including any appeal by
the Company of the NYSE Regulation staff’s decision. The Company is
presently considering what actions, if any, it may take in response
to the decision.
About the CompanyPetroQuest
Energy, Inc. is an independent energy company engaged in the
exploration, development, acquisition and production of oil and
natural gas reserves in Texas and Louisiana. PetroQuest’s common
stock trades on the OTCQX market under the symbol PQUE.
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; our indebtedness and the significant
amount of cash required to service our indebtedness; our estimate
of the sufficiency of our existing capital sources to fund our
exploration and development activities and service our
indebtedness, including availability under our multi-draw term loan
facility; our ability to raise additional capital to fund cash
requirements for future operations and to service our indebtedness;
our ability to fund and execute our Cotton Valley and Austin Chalk
development programs as planned; our ability to increase recoveries
in the Austin Chalk formation and to increase our overall oil
production as planned; our estimates with respect to fracked Austin
Chalk wells in Louisiana, including production EURs and costs; our
estimates with respect to production, reserve replacement ratio and
finding and development costs; our receipt of a cash refund with
respect to our offshore bonds and the timing and amount of the
same; our responsibility for offshore decommissioning liabilities
for offshore interests we no longer own; 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 writedowns resulting, and that could
result in the future, from lower oil and natural gas prices; limits
on our growth and our ability to finance our operations, fund our
capital needs and respond to changing conditions imposed by our
multidraw term loan facility and restrictive debt covenants;
approximately 46% 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 common stock price; and the limited
trading market for our common stock. 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.
For
further information, contact: |
Matt Quantz, Manager -
Corporate Communications |
|
(337)
232-7028, www.petroquest.com |