Lafayette, La.-based PetroQuest Energy Inc. emerged from bankruptcy after meeting conditions of its chapter 11 reorganization plan, which was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on Jan. 31, the Oil & Gas Journal reported. Through the process, the company eliminated $295 million in debt and preferred equity obligations. The company’s post-restructuring balance sheet includes $130 million of debt outstanding. The company’s current cash balance is estimated at $23 million. Estimated proved reserves for the company as of Dec. 31, 2018, comprised 82 percent gas, 5 percent oil, and 13 percent natural gas liquids. Nearly 47 percent of the reserves were proved developed. Read more.
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