Forest Oil Pulls in Record Reserves Up 66% for 2007
Forest Oil reported year end estimated proved reserves of approximately 2,119 Bcfe, up 66% compared to 1,274 Bcfe, pro forma for the sale of the Alaska assets, at December 31, 2006.
The estimated proved reserves, which are 70% proved developed, consist of approximately 73% natural gas. The pre-tax present value of estimated proved reserves at year end, based on constant prices and costs and discounted at 10%, totaled $6.0 billion, up 82% compared to $3.3 billion at December 31, 2006.
The valuation was based on year end natural gas prices of $6.80 per MMbtu and oil prices of $95.98 per barrel NYMEX, compared to natural gas prices of $5.64 per MMbtu and oil prices of $61.05 per barrel NYMEX at December 31, 2006. Forest's estimated proved reserves were audited by an independent third-party engineering firm.
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- Forest Oil to Sell South Texas Assets Excluding Eagle Ford (Jan 03)