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Forest Oil closes Rockies divestiture package


Published Nov 27, 2008
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Forest Oil reports second successful Horizontal well in East Texas

Forest Oil Corporation has closed its previously announced sale of certain operated and non-operated oil and gas properties in the Rockies, including its assets in the Niobrara and San Juan basins and various properties in Wyoming and Utah.

Forest received total cash proceeds of $200 million for the assets. In addition, Forest announced that its syndicate of banks reaffirmed the company's borrowing base available under its Credit Facility at $1.8 billion after the sale of the assets.

As a result of the sale, Forest estimates its fourth quarter production will average 568 - 583 MMcfe/d, reflecting the loss of one month of production from these assets.

Tags: Forest Oil Corporation



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