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PetroQuest 2009 production declines, doubles 2010 capex

Feb 08, 2010

Feb 8 (Reuters) - PetroQuest Energy Inc's (PQ.N) 2009 proved reserves and production slightly declined over the previous year, but the independent oil and natural gas company more than doubled its projected capital budget for 2010.

The company said it expects first-quarter 2010 net production to average about 83 million cubic feet of natural gas equivalent (mmcfe) to 88 mmcfe per day, and 84 mmcfe to 92 mmcfe per day for 2010. The company expects 2010 capital budget of about $120 million to $140 million, depending on commodity prices, drilling success and related completion and facility costs, up 124 percent from 2009. PetroQuest said it had $10 million of borrowings outstanding under its credit facility and about $19 million of cash as of Feb. 1. The company ended 2009 with about 179 billion cubic feet of natural gas equivalent of proved oil and gas reserves, a 3 percent year-over-year decline.

Shares of the company closed at 5.36 Monday on the New York Stock Exchange. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Unnikrishnan Nair)