Forest Oil Files $600 Million Universal Shelf

Forest Oil (NYSE:FST) has filed a universal shelf registration statement with the Securities and Exchange Commission (SEC). Upon being declared effective by the SEC, the registration statement will allow Forest to sell up to $600 million aggregate amount of securities, which may include debt securities, common stock, preferred stock, warrants, depositary shares, stock purchase contracts or stock purchase units in one or more offerings from time to time in the future. The terms of any offering of securities will be established at the time of sale. Forest's previous universal shelf registration statement was exhausted in May, 2004. Forest believes that the universal shelf registration statement will afford it flexibility in accessing capital markets in the future.

In connection with Forest's filing of its universal shelf registration statement, The Anschutz Corporation (TAC) has exercised certain registration rights that expire in 2005. TAC has requested that Forest include in the registration statement 100% of TAC's holdings or 7,903,438 shares of Forest common stock, including 522,036 shares of common stock that can be acquired upon the exercise of outstanding warrants.

Once the registration statement becomes effective, one or more of these securities may be offered in amounts, at prices, and on terms to be announced when and if the securities are offered. Neither Forest nor TAC has any immediate plans to offer any shares in connection with this registration statement. The specifics of any future underwritten offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement at the time of any such offering.

The registration statement on Form S-3 relating to the securities that Forest may offer from time to time in the future has been filed with the SEC, but has not yet become effective. The securities underlying such registration statement may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. 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 such state.

Our Privacy Pledge

Most Popular Articles

Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
Updated in last 24 hours