Forest Oil Corporation FST today
announced that it has entered into a definitive agreement to sell all of
its properties located in South Louisiana for approximately $220
million. The transaction is expected to close on November 16, 2012, with
an effective date of August 1, 2012, and is subject to customary closing
conditions and post-closing purchase price adjustments. The properties
produced 20 MMcfe/d (65% liquids) during the third quarter of 2012 and
had estimated proved reserves of 45 Bcfe (62% liquids) as of December
31, 2011. Forest intends to use the proceeds from this divestiture to
repay outstanding borrowings under its bank credit facility.
Since embarking on its deleveraging plan in early July, Forest has
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