The bank group for PetroQuest Energy Inc. (NYSE: PQ) increased the company’s borrowing base to $220 million from $200 million in a semi-annual redetermination, the company said Sept. 30.
The commitment level was raised to $170 million from $150 million, the company added.
The next redetermination is scheduled to occur before March 31, 2015, PetroQuest said.
Also, PetroQuest completed the $9.7 million sale of its Eagle Ford assets this month, the company said. The operating cash flow from the assets during the first six months of 2014 totaled about $2 million, and average daily production was about 195 barrels of oil equivalent.
On June 30, the assets’ proved reserves totaled roughly 2.1 billion cubic feet equivalent, and the estimated discounted net cash flow had a $6.6 million PV-10 value, PetroQuest added.
PetroQuest Energy Inc. is based in Lafayette, La.
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