Forest Reports on Third Quarter Production
Forest 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's September production, like others in the industry, was negatively impacted by shut-ins from Hurricanes Gustav and Ike, and by disruptions related to third party downstream issues. The net sales volumes deferrals are expected to reduce third quarter net sales volumes by approximately 1.45 Bcfe with the resulting third quarter net sales volumes now expected to average between 510 - 520 MMcfe/d.
Total shut-in net sales volumes peaked at 108 MMcfe/d on September 14, 2008. Current shut-in net sales volumes are estimated to be 10 - 15 MMcfe/d, with a majority of the net sales volumes expected to be back online early in the fourth quarter of 2008. Forest incurred no major damage to its fields as a result of these storms.
- 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)