Forest Oil Reports on 2010 Production Guidance
For the year ended December 31, 2010, Forest intends to invest between $600 million and $700 million for capital activities (excluding capitalized interest, capitalized stock-based compensation, and asset retirement obligations incurred).
Oil and Gas Net Sales Volumes: Forest expects total net sales volumes of 439 to 449 MMcfe/d in 2010. Organic production growth for the fourth quarter of 2010 over the fourth quarter of 2009 is expected to be approximately 10% to 12%. Annual 2010 organic production growth is expected to be approximately 0% to 2% with sequential quarter-over-quarter organic growth starting in the second quarter of 2010 as Forest’s rig count increases throughout the first quarter. Net sales volumes are expected to be comprised of approximately 80% natural gas and 20% liquids (10% crude and condensate and 10% natural gas liquids).
Fourth quarter and annual 2009 net sales volume guidance were recently reduced to give effect to the closing of certain divestitures in advance of the original expected closings.
- Forest Oil to Put Texas Panhandle Properties Up For Sale (Jul 15)
- Forest Oil Partners with Schlumberger on Eagle Ford Shale Land (Apr 12)
- Forest Oil to Sell South Texas Assets Excluding Eagle Ford (Jan 03)