Forest Oil Announces Common Stock Offering

Forest Oil intends to offer 4.5 million shares of common stock to the public. The underwriters for this offering will also have the option to purchase up to 450,000 additional shares of common stock to cover any over-allotments. The net proceeds from the offering will be used to partially fund the recently announced tender offer to purchase The Wiser Oil Company (Wiser) (NYSE: WZR), or if the Wiser acquisition is not completed, to reduce borrowings under Forest's credit facility.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. The offering may be made only by means of a prospectus and related prospectus supplement.

The offering is being led by Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. as joint book-runners and co-lead managers and Credit Suisse First Boston as a co-lead manager. Others in the underwriting group include: Raymond James & Associates, Inc., First Albany Capital Inc., Howard Weil, a division of Legg Mason Wood Walker, Inc., and Johnson Rice & Company LLC. A preliminary prospectus supplement related to the public offering will be filed with the Securities and Exchange Commission. When available, copies of the preliminary prospectus supplement relating to the offering may be obtained from the offices of Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York, 11220, telephone: 718-765-6732 or the offices of J.P. Morgan Securities Inc., Chase Distribution & Support Service, 1 Chase Manhattan Plaza, Floor 5B, New York, NY 10081.

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