One-Page Deal Sheet
PetroQuest Farms-In to Midstates' LA Fleetwood Project
Petroquest Energy Inc. Midstates Petroleum
Announced Date
June 30,2014
Effective Date
May 01,2014
Close Date
June 25,2014
Transaction Type
Farm-In/Farm Out
Enterprise Value (EV)($MM)
24
Asset/Basin:
{"Gulf Coast (Louisiana)"}
TargetZones:
{Wilcox,Eocene}
Net Acres
Location
Calculated Metrics( EV/Category)
Country
United States
State
Louisiana
Play
Calculated Metrics( EV/Category)
$/ Acre
Transaction Details: Require Private Equity Subscription
Midstates Petroleum Company, Inc. has executed an Exploration Agreement with PetroQuest Energy, Inc. under which PetroQuest acquired 50% of Midstates’ lease ownership rights in the Fleetwood area of Louisiana and a license to the associated Fleetwood 3-D seismic survey for total consideration of $24 million.
The consideration to be paid by PetroQuest consists of $10 million in cash ($3 million now and $7 million in January 2015) and a credit of $14 million for Midstates’ share of future exploration activities including drilling, completion and lease acquisition costs. PetroQuest will be the…
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