PQ - Roth Capital Update

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Roth rates it a BUY with a price target of $1.70.

PQ: Positive Updates: Liquidity, Reserves, 1Q
2016 Production, 2016 Capex Guide

Our net asset value and target price are based on proved reserves, financial
position, historical drilling and completion results and our projected drilling and
completion results.

Liquidity: As of 1/31/2016, PQ had $140 million in cash and zero borrowings
outstanding under its $42 million bank credit facility.

Proved Reserves: Reserves at 12/31/2015 were 5% higher than proved
reserves at 12/31/2014, with the reserve split as follows: 74% natural gas, 6%
oil and 20% NGLs, 58% proved developed. The SEC pre-tax PV-10 was $129
million.

1Q 2016 Production Guidance: PQ projects its 1Q 2016 production to
average between 72 and 76 MMcfe per day, which is higher than our current
projection of 69.6 MMcfe per day.

Capital Expenditures Guidance: PQ's capital budget for 2016 is expected
to range between $20 million and $25 million, which is significantly lower than
our current model which employs $48 million for 2016. This lower 2016 capex
will preserve and add to PQ’s liquidity, while also keeping production slightly
higher than our current estimate.