PR Newswire
LAFAYETTE, La., June 2, 2016
LAFAYETTE, La., June 2, 2016 /PRNewswire/ -- PetroQuest
Energy, Inc. (the "Company") (NYSE: PQ) announced today that it has received a notice from the New York Stock Exchange ("NYSE")
that the Company has regained compliance with the NYSE's continued listing requirement of a minimum average closing price of
$1.00 per share over the previous consecutive 30 trading-day period. The Company recently
effected a 1 for 4 reverse stock split in order to increase the market price per share of its common stock to comply with the
NYSE continued listing requirement.
The Company continues to follow all NYSE requirements to regain compliance with the market capitalization and stockholders'
equity requirement, including providing quarterly reviews to the NYSE's Listing and Compliance Committee. The Company has
until June 2017 to regain compliance with this NYSE continued listing requirement.
About the Company
PetroQuest Energy, Inc. is an independent energy company engaged in the exploration, development, acquisition and
production of oil and natural gas reserves in Texas, Oklahoma,
Louisiana and the shallow waters of the Gulf of Mexico.
The Company's common stock trades on the New York Stock Exchange under the ticker PQ.
Forward-Looking Statements
This 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 ability to reduce leverage or refinance
our remaining 2017 Notes; our estimate of the sufficiency of our existing capital sources, including availability under our bank
credit facility and the result of any borrowing base redetermination; our ability to post additional collateral to satisfy our
offshore decommissioning obligations; our ability to hedge future production to reduce our exposure to price volatility in the
current commodity pricing market; 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 bank credit
facility and restrictive debt covenants; our ability to find, develop and produce oil and natural gas reserves that are
economically recoverable and to replace reserves and sustain production; 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;
our ability 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; and our ability to pay dividends on our Series B Preferred 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.
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SOURCE PetroQuest Energy, Inc.