Petroquest acquiring Gulf properties

06 21, 2013 by The Advocate

PetroQuest Energy Inc. announced agreements to acquire shallow-water properties in the Gulf of Mexico for $193 million.

The Lafayette-based oil company estimates it will operate about 80 percent of the properties’ daily production of 1,100 barrels of oil and 19 million cubic feet of natural gas. PetroQuest estimates the total reserves of oil and gas there as of July 1 at the equivalent of 8.5 million barrels of oil at a value based on average prices of $278 million.

When the deal becomes final next month, it will be effective as of the beginning of this year. For the quarter ending in March and the year ending in December, the assets generated net income of $13 million and $37.6 million, respectively, the company said.

J.P. Morgan provided a $185 million bridge loan for the purchase.