Business Briefs for June 24, 2009

• Published: Jun 24, 2009 - Page: 10B

• Print
• Email
• Save
• Reprints
• Twitter
• Share

• Del.icio.us
• Digg
• Facebook
• Reddit
• 

The following is a roundup of area news from Tuesday compiled by the Advocate business staff:

MINERAL LEASE SALE AT 3-YEAR LOW: The June mineral lease sale hit a three-year low by bringing in only $1.4 million for the state.

In all, the Louisiana Mineral Board awarded 11 leases, mostly in northern parishes.

By comparison, last year’s June sale produced more than $35.8 million for the state and 38 leases for oilmen and independent producers.

In 2008 at this time, the Mineral Board had collected roughly $63 million.

This spike resulted from a buying frenzy in north Louisiana’s Haynesville Shale. Industry estimates indicate natural gas in the formation may make the largest onshore find in the U.S.

LEBLANC’S OPENING HAMMOND GROCERY: Gonzales-based LeBlanc’s Food Stores will open a Hammond location Tuesday morning, the fourth-generation independent grocers’ eighth location.

The 43,000-square-foot Hammond store, located at 2704 West Thomas near West Church Street, will feature a floral department, a beer, wine and liquor department, and fresh sushi, in addition to providing a full-service supermarket operation.

LeBlanc’s was started in 1960 by L.C. LeBlanc. Today, two of his grandsons, Marcy and Randy LeBlanc, own and operate the stores. It has locations in Gonzales, Prairieville, Plattenville, Donaldsonville, Plaquemine, Walker and Zachary.

PETROQUEST STARTS STOCK OFFERING: PetroQuest Energy Inc. has announced the start of a public offering of 10 million shares of common stock.

The Lafayette-based energy company said it plans to use the net proceeds from the offering for “general corporate purposes,” such as capital costs related to its exploration and drilling program.

The company said the underwriters for the offering will have the option to buy 1.5 million additional shares if the demand is strong enough.

Pricing for the offering was not immediately released.