PetroQuest Energy Inc. has priced its 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.
Closing is expected on or about June 30. Net proceeds are expected to be used for general corporate purposes, including to fund capital expenditures related to its exploration and development drilling program.
JP Morgan Securities Inc. is acting as sole book-running manager for the offering. Calyon Securities (USA) Inc., Capital One Southcoast, Howard Weil Inc., Johnson Rice & Company LLC, Simmons & Co. International, SMH Capital, Stifel Nicolaus, and UBS Investment Bank are acting as co-managers.
