Forest Oil (FST) to Sell S. Texas Assets in Net $325M Deal
- Sysco (SYY) to Acquire US Foods in $3.5B Deal
- Pre-Open Stock Movers 12/9: (SYY) (GIVN) (UQM) Higher; (NIHD) (PLUG) (EZPW) Lower (more...)
- Covidien (COV) to Acquire Given Imaging (GIVN) for $30/Share
- China Mobile (CHL) May Start Taking Apple (AAPL) iPhone Preorders This Week
- 3D Printing Hype May Be 'Overdone' - Analyst (DDD) (SSYS) (XONE)
Forest Oil Corp. (NYSE: FST) has entered into a definitive agreement to sell all of its properties located in South Texas, excluding its Eagle Ford Shale oil properties, for after-tax cash proceeds of $325 million. The transaction is expected to close on or before February 15, 2013, with an effective date of January 1, 2013, and is subject to customary closing conditions and post-closing purchase price adjustments. The properties produced 66 MMcfe/d (86% natural gas) during the third quarter of 2012, had estimated proved reserves of 272 Bcfe (85% natural gas) as of December 31, 2011, and generated approximately $60 million of lease-level income during 2012. Forest intends to use the proceeds from this divestiture to pay down debt and retains all of its natural gas hedges.
You May Also Be Interested In
- China Zenix Auto (ZX) Forms Special Committee to Evaluate Restructuring Proposal
- Quanta Services (PWR) Closes Howard Midstream Sale
- BRE Properties (BRE) Confirms Exploration of Strategic Options, Bid from Essex Property Trust (ESS)
Create E-mail Alert Related CategoriesCorporate News, Mergers and Acquisitions
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!