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PetroQuest Sells Woodford, MissLime Assets
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PetroQuest Energy, Inc. announced the closing of the sale of the majority of its interests in the Woodford and Mississippian Lime for gross proceeds of $280 million, subject to estimated purchase price adjustments between the effective date of January 1, 2015 and the closing date. During the first quarter of 2015, the Sold Assets produced approximately 46 MMcfe/d and generated net operating cash flow of approximately $7.5 million.
As of December 31, 2014, the Company's estimated proved reserves attributable to the Sold Assets totaled approximately 227 Bcfe (63% proved developed) with estimated discounted net cash flow (PV-10) of $249 million, using SEC pricing ($3.58 per Mcf of gas, $21.47 per barrel of natural gas liquids and $93.48 per barrel of oil).
The Company will retain a small…
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