Key Developments: Forest Oil Corp (FST)

FST on New York Consolidated

1.56USD
19 Sep 2014
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$0.03 (+1.96%)
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Latest Key Developments (Source: Significant Developments)

Robbins Arroyo LLP announces class action lawsuit against Forest Oil Corporation
Monday, 16 Jun 2014 02:33pm EDT 

Robbins Arroyo LLP:Says firm files class action lawsuit on June 13, 2014, in the U.S. District Court for the District of Colorado (Court).Files on behalf of shareholders of Forest Oil Corporation (Forest Oil) against Forest Oil, its Board of Directors, and Sabine Oil & Gas LLC (Sabine).  Full Article

Brower Piven Announces Class Action Lawsuit in Connection With Sale of Forest Oil Corp to Sabine Oil & Gas LLC
Wednesday, 14 May 2014 07:30pm EDT 

Forest Oil Corp:Brower Piven, A Professional Corporation says that a class action lawsuit has been commenced in the New York Supreme Court, New York County, on behalf of all common stockholders of Forest Oil Corporation.Asserting claims that the members of the company's board of directors have breached fiduciary duties they owe to Forest Oil shareholders.The complaint alleges unlawful actions in connection with a proposed transaction between the Company and Sabine Oil & Gas LLC.The suit claims the company's board of directors breached their fiduciary duties by failing to maximize shareholder value in connection with the Proposed Transaction.  Full Article

Forest Oil Corp gives FY 2014 production guidance - Conference Call
Tuesday, 6 May 2014 09:00am EDT 

Forest Oil Corp:Estimates FY 2014 production of 345 million cubic feet equivalent per day, 65pct gas.  Full Article

Sabine Oil & Gas and Forest Oil announces Definitive Merger Agreement
Tuesday, 6 May 2014 07:32am EDT 

Forest Oil Corp:Signs definitive merger agreement under which Sabine and Forest will combine their businesses in an all-stock transaction.Upon completion of combination transaction, Sabine unit holders will own about 73.5 percent of the new combined entity and Forest shareholders will own about 26.5 percent.Combined entity, named Sabine Oil & Gas Corporation, will be newly formed parent company expected to list on New York Stock Exchange under symbol SABO.Combined entity will be headquartered in Houston, Texas, and be led by Sabine's current executive management team.Transaction is expected to be tax-free to Forest's.  Full Article

Forest Oil Corp announces closing of texas panhandle area divestiture
Monday, 25 Nov 2013 05:33pm EST 

Forest Oil Corp:Says closed its sale of properties in the Texas Panhandle Area.Says net cash proceeds of about $944 mln. In addition, the net proceeds do not include approximately $44 million that were closed into escrow, which the Company may receive as consents-to-assign are received and post-closing title curative work is completed.Says net proceeds also do not include $10 million, which will remain in escrow for twelve months following the closing, to support Forest`s indemnity obligations under the purchase and sale agreement, with the remainder to be disbursed to Forest at the end of that period.Says proceeds from this sale will be used to fund the cash tender offer and its Senior Notes due 2019, to reduce outstanding borrowings under its credit facility and for other general corporate purposes.  Full Article

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.  Full Article

Forest Oil Corp Announces Sale Of Permian Basin Acreage
Tuesday, 3 Sep 2013 07:57am EDT 

Forest Oil Corporation 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.  Full Article

Forest Oil Corp's CFO Kennedy To Step Down, Wind To Replace-DJ
Monday, 5 Aug 2013 08:23am EDT 

Dow Jones reported that Forest Oil Corp said Chief Financial Officer (CFO) Michael N. Kennedy is stepping down to pursue other opportunities in the oil and gas industry and has named Treasurer Victor A. Wind to be his replacement. Mr. Kennedy's resignation is effective August 23, and Mr. Wind's appointment is effective the following day.  Full Article

Forest Oil Corp Announces Intent To Sell Texas Panhandle Assets
Monday, 15 Jul 2013 07:02am EDT 

Forest Oil Corp announced that after receiving unsolicited proposals from third parties interested in acquiring Forest’s oil and gas assets located in the Texas Panhandle, Forest’s Board of Directors has determined that the Company will initiate a marketed process to pursue the sale of such assets. Forest has retained J.P. Morgan Securities LLC to assist in the marketing efforts. Forest intends to use any proceeds from a potential sale to reduce debt and enhance financial flexibility. Upon completion of a transaction, Forest’s remaining asset portfolio will be anchored by its ongoing oil development opportunity in the Eagle Ford Shale, where oil production is projected to more than double during 2014. In addition, the Company has a position of 111,000 net acres in East Texas which is largely held by production and upon which the Company plans to continue the development of its oil and natural gas liquids properties.  Full Article

Forest Oil Corp Issues FY 2013 Production Guidance; Comments On H1 2013 And H2 2013 Production Guidance
Wednesday, 20 Feb 2013 04:24pm EST 

Forest Oil Corp announced that it expects fiscal 2013 net sales volumes to average 220 MMcfe/d to 230 MMcfe/d, excluding average net sales volumes associated with the South Texas property divestiture that closed on February 15, 2013, and is estimated to be comprised of approximately 60% natural gas and 40% liquids (20% oil and 20% natural gas liquids). The Company currently projects average oil net sales volumes to grow organically in excess of 30% in 2013 as compared to fiscal 2012 (adjusting for the impact of asset sales) and for the liquids component to increase from approximately 35% of average equivalent net sales volumes in the first quarter of 2013 to approximately 45% in the fourth quarter of 2013. Based on current projections and planned activity, the Company believes that second half of 2013 average net sales volumes will be higher than first half of 2013 average net sales volumes on a pro forma basis. Forest's average net sales volumes guidance does not include approximately 25-30 MMcfe/d in the first quarter of 2013 associated with the South Texas property divestiture.  Full Article

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