PetroQuest Energy, Inc. (NYSE: PQ - News) announced today that it has priced its previously announced public offering of 10,000,000 shares of its common stock at $3.50 per share. The Company has granted the underwriters an option exercisable for a period of 30 days to purchase up to 1,500,000 additional shares of common stock to cover any over-allotments.
The closing of the offering is expected to occur on or about June 30, 2009, subject to customary closing conditions. The Company intends to use the net proceeds from the offering for general corporate purposes, including to fund capital expenditures related to its exploration and development drilling program.
J.P. Morgan Securities Inc. is acting as sole book-running manager for the offering. Calyon Securities (USA) Inc., Capital One Southcoast, Howard Weil Incorporated, Johnson Rice & Company L.L.C., Simmons & Company International, SMH Capital, Stifel Nicolaus and UBS Investment Bank are acting as co-managers for the offering.
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