PetroQuest Energy Inc. (NYSE: PQ) said April 21 it has sold the majority of its remaining Woodford Shale assets in the East Hoss Field for gross proceeds of $18 million.
The buyer wasn't disclosed. The sale had an effective date of April 1.
The shale assets, located in Oklahoma, produced about 10 million cubic feet equivalent per day (Mcfe/d) during the first quarter of 2016, the release said. At year-end 2015, PetroQuest estimated the assets had proved reserves of about 19 Bcfe, 81% proved developed, with a PV-10 value of $16 million.
As of March 31, the Lafayette, La.-based company had about $71 million in cash, pro forma of proceeds from the sale. In addition, the company has no borrowings outstanding under its bank credit facility, according to the release.
PetroQuest is engaged in the exploration, development, acquisition and production of oil and natural gas reserves in Texas, Oklahoma, Louisiana and the shallow waters of the Gulf of Mexico, the release said.
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