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PetroQuest Taps Financial Advisors in Q2; Production Drops ~40%
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PetroQuest Energy, Inc. annouced its Q2-2016 operational update.
Key Points: Production for the second quarter of 2016 was 6.0 Bcfe, compared to 9.7 Bcfe for the comparable period of 2015, a 40% drop in production. To assist the Board of Directors and management team, the Company has retained Jefferies LLC and Seaport Global as its financial advisors and Porter Hedges LLP as its legal advisor to reduce its overall financial leverage while maintaining a focus on reducing costs and preserving liquidity. Debt Profile
Charles T. Goodson, Chairman, Chief Executive Officer and President, said: "For the first six months of 2016, production was 13.6 Bcfe, compared to 20.0 Bcfe for the comparable period of 2015. The reduction in production volumes during the 2016 periods is primarily…
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