PetroQuest Energy prices $35 million public offering

Thu. June 25, 2009; Posted: 02:30 PM

Jun 25, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- PQUE | Quote | Chart | News | PowerRating -- Update on June 25, 2009:

PetroQuest Energy, Inc., a US-based independent energy company, has priced its public offering of 10 million shares of its common stock at $3.50 per share for total gross proceeds of $35 million.

The company has granted the underwriters an option exercisable for a period of 30 days to purchase up to 1.5 million 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.

Announcement (June 23, 2009):

PetroQuest has commenced an underwritten public offering of 10 million shares of its common stock.

Based on the closing price of PetroQuest common stock of $4 per share on June 22, 2009, the offering is valued at approximately $40 million.

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, Inc., Stifel, Nicolaus & Company, Incorporated, and UBS Investment Bank are acting as co-managers for the offering.

Deal Value (US$ Million) 35
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Announced: 2009-06-23

Deal Participants

Target (Company) PetroQuest Energy, Inc.

Deal Rationale

PetroQuest 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.

Offer Price ($ per share) 3.5
No. Shares Issued         10000000

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