PetroQuest Energy Inc., Lafayette, La., (Nasdaq: PQUE) has closed the acquisition of gas properties in the Arkoma Basin of Oklahoma from Staab Holdings LLC, Mako Resources LLC and Golden Gas Service Co. for an adjusted purchase price of approximately $16 million. The acquisition includes approximately 6.7 billion cubic feet of proved reserves, (61% proved developed producing; 100% gas) which is expected to add approximately 2 million cubic feet of gas per day to PetroQuest's production. The purchase expands the company's existing operations in the Arkoma Basin, adding approximately 8,900 net acres, bringing its total ownership to 21,000 net acres.
Recommended Reading
CGG to Change Name to Viridien
2024-05-17 - The company’s new ticker symbol will be “VIRI” and listed on Euronext Paris, effective May 21.
Sector’s Appetite for Capital Remains Amid Consolidation Frenzy, Panelists Say
2024-05-17 - There’s still an appetite for capital in the oil and gas sector—companies just need to think creatively to find it, a number of panelists said during SUPER DUG in Fort Worth, Texas.
SilverBow Resets Shareholder Meeting After $2.1B Crescent Deal
2024-05-16 - SilverBow Resources said it will adjourn its May 21 shareholders’ meeting until May 29 following Crescent Energy’s agreement to buy the Eagle Ford operator.
Blue Racer Midstream Prices Senior Notes Offering
2024-05-15 - Net proceeds from the sale of senior notes will be used to pay off debt and other general corporate purposes.
Petrobras CEO Prates to Step Down
2024-05-15 - Brazil’s President Luiz Inácio Lula da Silva has requested that Petrobras CEO Jean Paul Prates resign following a dispute over dividend payments.