UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

Current Report

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): August 2, 2012

PETROQUEST ENERGY, INC.

(Exact name of registrant as specified in its charter)

Commission File Number: 001-32681

Registrant’s telephone number, including area code: (337) 232-7028

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

On August 2, 2012, PetroQuest Energy, Inc. (the “Company”) announced a net loss available to common stockholders for the quarter ended June 30, 2012 of $54,520,000, or $0.87 per share, compared to second quarter 2011 net loss available to common stockholders of $3,045,000, or $0.05 per share. For the first six months of 2012, the Company reported a net loss available to common stockholders of $73,128,000, or $1.17 per share, compared to a net loss available to common stockholders of $1,148,000, or $0.02 per share, for the 2011 period. The Company recorded non-cash ceiling test write-downs of $53,485,000 and $73,596,000 during the second quarter and six month periods of 2012, respectively, as a result of the impact of low natural gas prices on the future discounted net cash flows from its estimated proved reserves.

Discretionary cash flow for the second quarter of 2012 was $20,068,000, as compared to $27,009,000 for the comparable 2011 period. Net cash flow provided by operating activities totaled $28,317,000 and $41,632,000 during the second quarters of 2012 and 2011, respectively. For the first six months of 2012, discretionary cash flow was $39,716,000, compared to discretionary cash flow of $52,120,000 for the first six months of 2011. Net cash flow provided by operating activities totaled $42,268,000 and $59,891,000 during the first six months of 2012 and 2011, respectively. See the attached schedule for a reconciliation of net cash flow provided by operating activities to discretionary cash flow.

Production for the second quarter of 2012 was 8.4 Bcfe, compared to 7.4 Bcfe for the comparable period of 2011. For the first six months of 2012, production was 16.6 Bcfe, compared to 14.7 Bcfe for the comparable period of 2011. Stated on an Mcfe basis, unit prices including the effects of hedges for the second quarter of 2012 were $3.97 per Mcfe, as compared to $5.69 per Mcfe in the second quarter of 2011. For the first six months of 2012, unit prices including the effects of hedges, were $4.19 per Mcfe, as compared to $5.66 per Mcfe for the first six months of 2012. Oil and gas sales during the second quarter of 2012 were $33,376,000, as compared to $41,920,000, in the second quarter of 2011. For the first six months of 2012, oil and gas sales were $69,373,000 compared to oil and gas sales of $83,466,000 for the first six months of 2011.

Lease operating expenses (“LOE”) for the second quarter of 2012 decreased to $9,085,000, as compared to $10,206,000 in the second quarter of 2011. LOE per Mcfe was $1.08 for the second quarter of 2012, as compared to $1.38 in the second quarter of 2011. For the first six months of 2012, lease operating expenses decreased to $1.13 per Mcfe from $1.34 per Mcfe in the comparable period of 2011. The decreases in lease operating expenses for the 2012 periods are primarily due to cost savings associated with the Company’s Woodford saltwater disposal systems.

Depreciation, depletion and amortization (“DD&A”) on oil and gas properties for the second quarter of 2012 was $1.84 per Mcfe, as compared to $1.95 per Mcfe in the second quarter of 2011. For the first six months of 2012, DD&A on oil and gas properties was $1.84 per Mcfe compared to $1.91 per Mcfe for the comparable period of 2011. The decrease in DD&A during the second quarter of 2012, as compared to the second quarter of 2011, was primarily the result of the ceiling test write-down recorded during the first quarter of 2012, as well as the impact of the Company’s discovery at its Broussard Estates No. 2 well in south Louisiana in June 2012.

Interest expense for the second quarter of 2012 increased to $2,413,000, as compared to $2,255,000 in the second quarter of 2011. For the first six months of 2012, interest expense was $4,683,000, compared to $4,949,000 for the comparable period of 2011.

Production taxes for the second quarter of 2012 were ($1,917,000), as compared to ($538,000) in the second quarter of 2011. For the first six months of 2012, production taxes were ($768,000) compared to $624,000 for the comparable period of 2011. During the second quarter of 2012, the Company recorded a receivable of $2.7 million for refunds expected to be received relative to severance tax previously paid on horizontal wells drilled in Oklahoma.

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General and administrative expenses during the quarter and six months ended June 30, 2012 totaled $5,999,000 and $11,578,000, respectively, as compared to expenses of $4,280,000 and $8,678,000 during the comparable 2011 periods. The increase in general and administrative expenses for the 2012 periods is primarily due to higher employee related expenses, including non-cash stock compensation costs totaling $3,838,000 during the first six months of 2012 as compared to $1,917,000 during the 2011 period.

The following table sets forth certain information with respect to the oil and gas operations of the Company for the three and six month periods ended June 30, 2012 and 2011:

The above sales and average sales prices include increases (reductions) to revenue related to the settlement of gas hedges of $3,230,000 and $186,000, oil hedges of $415,000 and ($289,000) and NGL hedges of $232,000 and zero for the three months ended June 30, 2012 and 2011, respectively. The above sales and average sales prices include increases (reductions) to revenue related to the settlement of gas hedges of $5,385,000 and $386,000, oil hedges of $362,000 and ($389,000) and NGL hedges of $232,000 and zero for the six months ended June 30, 2012 and 2011, respectively.

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The following initiates guidance for the third quarter of 2012:

The following updates guidance for the full year of 2012:

Hedging Update

The Company recently initiated the following commodity hedging transactions:

After executing the above transactions, the Company has approximately 8.0 Bcf of gas volumes hedged for the remainder of 2012 with an average floor price of $3.13 per Mcf and 3.7 Bcf of gas volumes hedged for 2013.

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About the Company

PetroQuest Energy, Inc. is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in Oklahoma, Texas, the Gulf Coast Basin, Arkansas and Wyoming. PetroQuest’s common stock trades on the New York Stock Exchange under the ticker PQ.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are our ability to find oil and natural gas reserves that are economically recoverable, the volatility of oil and natural gas prices and significantly depressed natural gas prices since the middle of 2008, the uncertain economic conditions in the United States and globally, the declines in the values of our properties that have resulted in and may in the future result in additional ceiling test write-downs, our ability to replace reserves and sustain production, our estimate of the sufficiency of our existing capital sources, our ability to raise additional capital to fund cash requirements for future operations, the uncertainties involved in prospect development and property acquisitions or dispositions and in projecting future rates of production or future reserves, the timing of development expenditures and drilling of wells, hurricanes and other natural disasters, changes in laws and regulations as they relate to our operations, including our fracing operations in shale plays or our operations in the Gulf of Mexico, and the operating hazards attendant to the oil and gas business. In particular, careful consideration should be given to cautionary statements made in the various reports PetroQuest has filed with the Securities and Exchange Commission. PetroQuest undertakes no duty to update or revise these forward-looking statements.

Click here for more information: “http://www.petroquest.com/news.html?=BizID=1690&1=1”

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PETROQUEST ENERGY, INC.

Consolidated Balance Sheets (Amounts in Thousands)

(unaudited)

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PETROQUEST ENERGY, INC.

Consolidated Statements of Operations

(unaudited)

(Amounts in Thousands, Except Per Share Data)

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PETROQUEST ENERGY, INC.

Consolidated Statements of Cash Flows

(unaudited)

(Amounts in Thousands)

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PETROQUEST ENERGY, INC.

Non-GAAP Disclosure Reconciliation

(Amounts In Thousands)

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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