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Forest Oil Corp Announces Sale of Texas Panhandle Area Assets for Proceeds of $1.0 Billion

Thursday, 3 Oct 2013 04:17pm EDT 

Forest Oil Corp announced that it has entered into a definitive agreement to sell to Templar Energy LLC its oil and gas assets located in the Texas Panhandle Area for $1.0 billion. Le Norman Operating LLC, a wholly-owned subsidiary of Templar, will operate the assets. The transaction is expected to close on or before November 25, 2013, with an effective date of October 1, 2013, and is subject to customary purchase price adjustments and certain closing conditions. The divested properties have produced approximately 100 MMcfe/d during 2013, generated EBITDA of approximately $180 million for the most recent twelve month period (including an allocation of Forest`s G&A expense), and had estimated proved reserves of 517 Bcfe as of December 31, 2012. Forest does not expect to incur any federal and state income taxes on the sale and intends to use the proceeds primarily to reduce debt and enhance financial flexibility. 

Company Quote

0.15 +0.98%
24 Dec 2014