Firm’s shale assets sell for $9.2 million

PetroQuest Energy Inc. has sold its Fayetteville Shale assets for $9.2 million, the company said Monday.

PetroQuest, based in Lafayette, La., said it completed the sale last month, according to a news release. However, the company did not name the buyer and a company spokesman could not be reached Tuesday for comment.

“We are pleased to complete the sale of our non-operated Fayetteville assets, which enables us to further strengthen our balance sheet while increasing our focus on growing our liquids production from our core assets in the Mississippian Lime, Woodford, East Texas and Gulf Coast Basin,” said Charles Goodson, PetroQuest’s president and chief executive officer.

The company estimated operating cash flow from the assets was about $1.3 million for 2012, based on an average daily production of about 5 million cubic feet.