Forest Oil Company News

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Forest Oil to Put Texas Panhandle Properties Up For Sale
Monday, July 15, 2013Forest Oil will sell its Texas Panhandle properties while keeping its Eagle Ford shale and East Texas assets.

Forest Oil Partners with Schlumberger on Eagle Ford Shale Land
Friday, April 12, 2013Forest Oil signs a strategic partnership with Schlumberger to develop the energy producer's Eagle Ford Shale land in Gonzales County, Texas.

Forest Oil to Sell South Texas Assets Excluding Eagle Ford
Thursday, January 03, 2013Forest Oil Corp. has announced it will sell its South Texas assets, excluding the Eagle Ford shale, as it seeks to raise cash and bring its balance sheet in line and focus efforts on its profitable oil-producing properties.

Forest Oil Names McDonald as Permanent CEO
Thursday, September 13, 2012Forest Oil Corp. announced it will keep interim chief executive Patrick McDonald on as its permanent president and CEO.

Forest Oil Adds Acreage in Permian Basin
Thursday, February 16, 2012Forest Oil Corporation announced its acreage position of 68,500 gross acres (63,000 net) prospective for the Wolfbone oil play in Pecos and Reeves Counties, Texas.

Field Tests Underway at Forest Oil's Shannon Estate Lease
Friday, August 12, 2011Field tests are currently underway on Fugro's RoqSCAN on Forest Oil's Shannon Estate lease well in Crockett County.

Forest Oil Earmarks $600-650MM for 2011 Capex
Friday, January 21, 2011Forest Oil announced its 2011 capital budget and related guidance.

Forest Oil Reports 2Q10 Financial, Operational Results
Monday, August 02, 2010The results achieved in the second quarter demonstrate the growth potential and quality of the Company's asset base," said H. Craig Clark.

Forest Oil Updates on Production, Adds Haynesville Acreage
Thursday, March 18, 2010Forest Oil provided an update in its Canadian Deep Basin Nikanassin Play, recently completed Texas Panhandle and Haynesville / Bossier Shale wells, and leasehold acquisitions in the core Haynesville / Bossier Shale.

Forest Oil Reports Decrease in '09 Proved Reserves
Thursday, February 04, 2010Forest Oil reported its estimated proved reserves, net sales volumes, and capital expenditures for the year ended December 31, 2009.

Forest Oil Reports on Producing Granite Wash Wells
Thursday, January 14, 2010Forest Oil has announced results from its third and fourth operated horizontal Texas Panhandle Granite Wash wells.

Forest Oil Extends Senior Notes Exchange Offer
Wednesday, January 13, 2010Forest Oil has extended the expiration date for its previously announced exchange offer relating to its outstanding 8 1/2% Senior Notes Due 2014, which commenced on December 8, 2009.

Forest Oil Gears Up 20 Rigs for 1Q 2010 Drilling Program
Thursday, January 07, 2010Forest Oil has announced its 2010 capital budget and related operational guidance, and intends to increase its drilling activity through the deployment of 20 operated rigs by the end of the first quarter of 2010.

Forest Oil Reports on 2010 Production Guidance
Thursday, January 07, 2010Forest 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%.

Forest Oil Closes Permian Basin Divestiture for $800MM
Tuesday, December 22, 2009Forest Oil closed the previously announced sale of the remainder of its Permian Basin properties in West Texas and New Mexico for approximately $800 million to SandRidge Exploration and Production, LLC.

Forest Oil to Sell Remainder of Permian Basin Assets
Tuesday, December 01, 2009Forest Oil has entered into definitive agreements to sell the remainder of its Permian Basin properties in West Texas and New Mexico for approximately $800 million, as well as additional non-core assets in the Deep Basin in Alberta for $38 million.

Forest Oil Shuffles Executive Personnel
Tuesday, November 24, 2009Forest Oil announced several executive personnel changes. Mr. David H. Keyte has resigned his position as Executive Vice President and Chief Financial Officer to pursue other private opportunities in the oil and gas industry.

Forest Oil Announces Reaffirmation of Borrowing Base
Monday, October 12, 2009Forest Oil announced that its bank group has reaffirmed Forest's $1.62 billion borrowing base related to its credit facilities maturing in June 2012.

Forest Oil Elects Raymond I. Wilcox to Board
Thursday, August 20, 2009Forest Oil Corporation announced the election of Raymond I. Wilcox to its Board of Directors.

Forest Oil to Sell Certain Assets in West Texas, New Mexico
Thursday, August 06, 2009Forest Oil has entered into two definitive agreements to sell certain operated and non-operated properties in West Texas and New Mexico for approximately $118 million.

Forest Oil Posts Cites Strong Cash Flow, Continued Cost Reductions
Monday, August 03, 2009Forest Oil has announced financial and operational results for the second quarter of 2009.

Forest Oil Notes Haynesville Shale Well Results, 2Q Estimated Production
Monday, July 13, 2009Forest Oil's second horizontal Haynesville Shale well in Red River Parish, Louisiana produced into the sales line at a rate of 20.3 MMcfe/d with 6500 psi flowing casing pressure in early July 2009.

Forest Oil Commences Public Offering
Wednesday, May 20, 2009Forest Oil has commenced a registered underwritten public offering of 12,500,000 shares of its common stock.

Forest Oil Posts Stable Net Sales Volumes, Increased Liquidity
Tuesday, May 05, 2009Forest Oil has announced financial and operational results for the first quarter of 2009.

Object Reservoir Unveils Haynesville Shale Multi-Co Exploitation Project
Thursday, April 16, 2009Object Reservoir announced the commencement of a multi-company initiative to help increase the value of Haynesville shale assets.

Forest Oil's $1.62B Borrowing Base Reaffirmed
Monday, March 16, 2009Forest Oil announced that its bank group reaffirmed the Company's $1.62 billion borrowing base and $1.8 billion commitment amount related to its credit facilities maturing in June 2012.

Forest Oil's Q4 Profits Slide, Full-Year Revenues Up 67%
Monday, February 23, 2009Forest Oil Corporation has announced financial and operational results for the fourth quarter and full year 2008.

Forest Oil Prices $600MM Debt Offering
Thursday, February 12, 2009Forest Oil Corporation has priced its private offering to eligible purchasers of $600 million principal amount of 8.5% Senior Notes due 2014.

Forest Oil All Smiles over Completed Haynesville/Bossier Shale Well
Wednesday, February 11, 2009Forest Oil reports that its first horizontal Haynesville/Bossier shale well in the East Texas/North Louisiana corridor has produced at a rate of 14 MMcfe/d.

Forest Oil Intends to Commence Private $350MM Debt Offering
Wednesday, February 11, 2009Forest Oil Corporation intends to commence a private offering to eligible purchasers, subject to market and other conditions, of $350 million principal amount of Senior Notes due 2014.

Forest Oil Grows Proved Reserves by 26% at Year-End
Tuesday, February 03, 2009Forest reported year end estimated proved reserves of approximately 2,668 Bcfe, up 26% compared to 2,119 Bcfe at December 31, 2007.

Westport Finds Favorites in Hard-Hit Oil Patch
Friday, January 02, 2009Amid the crude price volatility, Edmund Nicklin, who manages the Westport Funds, asks: "Why would any sane person" want to invest in oil stocks? The answer lies in the future and not in the past, says Nicklin.

Forest Oil Closes Rockies Divestiture Package
Tuesday, November 25, 2008Forest Oil has closed its previously announced sale of certain operated and non-operated oil and gas properties in the Rockies, including its assets in the Niobrara and San Juan basins and various properties in Wyoming and Utah.

Forest Oil Agrees to Revised Terms for Rockies Divestiture Package
Wednesday, November 12, 2008Forest Oil has agreed to revised terms with the buyer of its Rockies divestiture package.

Forest Oil Earnings Up 55% over 3Q 2007
Tuesday, November 04, 2008For the three months ended September 30, 2008, Forest reported net earnings of $429.0 million or $4.88 per basic share.

Forest Oil Acquires Producing Assets in Greater Buffalo Wallow, East Texas
Tuesday, September 30, 2008Forest Oil completed its acquisition of producing assets, including 118,000 gross acres located in its Greater Buffalo Wallow and East Texas/North Louisiana Core Areas.

Forest Reports on Third Quarter Production
Tuesday, September 30, 2008Forest Oil Corp.'s daily net sales volumes in the first two months of the third quarter averaged at the upper end of its previous third quarter guidance of 525 - 535 MMcfe/d.

Forest Oil Appoints New President of Canadian Business Unit
Monday, August 25, 2008Forest Oil announced the appointment of David M. Anderson as President of Canadian Forest Oil Ltd., effective immediately. In this position, Anderson will be responsible for managing all aspects of Forest's Canadian Business Unit.

Forest Oil Nabs Acreage in Greater Buffalo Wallow Area for $892MM
Monday, August 18, 2008Forest Oil entered into a definitive agreement with Cordillera Texas, L.P. to acquire producing assets including approximately 118,000 gross acres in Forest's core Greater Buffalo Wallow and East Texas/North Louisiana Focus areas.

Forest Oil Reports Second Quarter Financials
Wednesday, August 06, 2008Forest Oil has announced its second quarter results, including a disappointing net loss of $68 million brought on by a non-cash effect of net unrealized losses.

Forest Buys Up East TX/North LA Acreage, Identifies 5Tcfe Potential
Monday, June 30, 2008Forest Oil has increased its acreage position in East Texas/North Louisiana to approximately 143,000 gross acres, and the Company has identified a 5 Tcfe additional net unrisked potential.

Forest Oil Begins Private $250 Million Debt Offering
Monday, May 19, 2008Forest Oil announced that it is offering $250 million principal amount of Senior Notes due 2019.

Forest Oil Sets Records in Q1
Monday, May 05, 2008H. Craig Clark, President and CEO, stated, "This year is off to a good start with higher volumes and lower per-unit cash costs from a year earlier, contributing to record adjusted net earnings, adjusted EBITDA and discretionary cash flow."

Forest Oil Completes Acquisition of Ark-La-Tex Assets
Friday, May 02, 2008Forest Oil Corporation announced that it completed its previously announced acquisition of producing assets, including approximately 69,000 gross acres (47,000 net acres).

Forest Oil Increases 2008 Capex to $1.25 Billion
Friday, May 02, 2008Forest Oil's average oil and gas net sales volumes for the three months ended March 31, 2008 were approximately 478 MMcfe/d, representing a 58% increase over Forest's 302 MMcfe/d in the corresponding period in 2007.

Forest Appoints Kennedy VP, Finance and Treasurer
Tuesday, April 15, 2008Forest Oil Corporation announced the appointment of Michael N. Kennedy as Vice President, Finance and Treasurer, effective April 14, 2008.

Forest Oil Makes Significant Gas Discovery in Utica Shale
Tuesday, April 01, 2008Forest Oil Corporation announced a new natural gas discovery in the Utica Shale located in Quebec, Canada.

Forest Oil Acquires Ark-La-Tx Properties
Tuesday, April 01, 2008Forest attributes estimated proved reserves of 110 Bcfe (45% proved developed) to the properties which produced an average of approximately 13 MMcfe/d in 2007.

Lightner to Become Non-Executive Chairman of Forest Oil Board
Monday, February 25, 2008Forest Oil Corporation reported that James D. Lightner will become the next non-executive Chairman of the Board of Forest Oil Corporation.

Forest Oil Pulls in Record Reserves Up 66% for 2007
Friday, February 22, 2008The estimated proved reserves, which are 70% proved developed, consist of approximately 73% natural gas.