PetroQuest Energy Inc. (NYSE: PQ) canceled a proposed public offering of 10 million common shares, the company said March 11, citing current market conditions as being "not in the best interest of stockholders."
The offer was expected to yield about $25 million in net proceeds. They would have supported working capital and general corporate purposes, including payment of outstanding revolving credit facility borrowings, the company said in another press release.
Johnson Rice & Co. LLC and Scotia Howard Weil would have been joint book-running managers.
PetroQuest Energy Inc. is based in Lafayette, La.
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