Forest Oil Commences Production from Redoubt Shoal

Forest Oil Corporation has commenced production at its Redoubt Shoal field in the Cook Inlet of Alaska. The field, which began producing December 9, is currently producing in excess of 4,200 Bbls/d from two of the four wells capable of production. Production is expected to be maintained near this rate until new onshore production facilities at Kustatan are completed. The production is currently flowing to Forest-owned facilities at the company's West McArthur River field. After completion work is finalized on the other two oil wells in the field Forest will resume drilling activity.

Robert S. Boswell, Chairman and CEO, stated: "This is a significant milestone in the development of the Redoubt Shoal discovery. The discovery and development of Redoubt Shoal in 22 months was a great accomplishment by our team in Alaska. The project demonstrates that large oil fields can be found in North America that are not deep-water related. We believe that Redoubt Shoal will have lower finding and development costs and a shorter development schedule than deep-water or international projects of similar reserve size.

"We look forward to further exploration on our oil and gas prospects in and around the Cook Inlet where we are now the largest oil producer and currently own one of the largest lease acreage positions."

Forest Oil holds a 100% working interest in Redoubt Shoal.


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