Forest Oil Picks Up East Texas Cotton Valley Assets
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.
- 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)