Forest Oil Picks Up East Texas Cotton Valley Assets


Cotton Valley Trend - E. Texas
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Forest Oil said Monday that it has completed its previously announced acquisition of producing assets located primarily in the Cotton Valley play in East Texas.

The approximately 26,000-net-acre (14,000 net undeveloped) acquisition adds 110 Bcfe of proved reserves and another low-risk repeatable onshore development play, the company said in a written statement. According to Forest, the acreage offers a growing production profile and more than 300 potential drilling locations.

The cash consideration paid at closing for the oil and gas assets is approximately $255 million (subject to customary closing adjustments). Forest funded 100 percent of its purchase price utilizing its existing credit facility.

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