PetroQuest posts Q1 loss

Thu. May 07, 2009; Posted: 09:36 AM

May 07, 2009 (Datamonitor via COMTEX) -- PQUE | Quote | Chart | News | PowerRating -- PetroQuest Energy has recorded a net loss attributable to common shareholders for the first quarter ended March 31, 2009 of $66.95 million, or a loss of $1.36 per share, compared to first quarter 2008 net income available to common shareholders of $14.16 million or $0.28 per share.

As a result of the continued decline in natural gas prices during the first quarter of 2009, the company experienced negative price-related reserve revisions and lower than expected future cash flows that resulted in a non-cash ceiling test write-down of $104 million.

Discretionary cash flow for the first quarter of 2009 was $38.46 million, as compared to $57.7 million for the comparable 2008 period.

Oil and gas sales during the first quarter of 2009 were $59.23 million as compared to $74.81 million in the first quarter of 2008.

Charles Goodson, chairman, chief executive officer and president, said: "Primarily due to our company record production, we continued to improve our liquidity position during the first quarter as evidenced by the fact that our working capital surplus now stands at approximately $83 million. We are focused on strengthening our balance sheet through this economic downturn and plan to fund our drilling expenditures with cash flow from operations as well as consider other liquidity building options."

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