Forest Oil Corporation FST (Forest or the Company) today announced that
it has entered into a definitive agreement with an undisclosed buyer to sell a
portion of its largely undeveloped acreage position located in the Permian
Basin of West Texas for proceeds of approximately $35 million. The transaction
includes approximately 58,200 gross acres (52,350 net) located in Crockett
County, Texas. The sale is expected to close on or before September 10, 2013
and is subject to customary purchase price adjustments and closing conditions.
The Company intends to use the proceeds from this divestiture to reduce
outstanding borrowings under its bank credit facility. Following the closing
of this transaction, Forest will retain its Permian Basin acreage position of
approximately 68,250 gross acres (63,500 net) located in Pecos and Reeves
Counties, Texas.
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