Forest Oil (FST) Offers 2012 Capital Budget and Guidance

Forest Oil Corporation (NYSE: FST) today announced its 2012 capital budget and guidance. Forest’s capital budget for 2012 will focus heavily on oil and other liquids-based drilling opportunities within Forest’s concentrated asset base. The Company intends to deploy approximately nine to ten operated drilling rigs in 2012 with a total capital budget of $550 million to $600 million and anticipates this capital budget will be near discretionary cash flow at current commodity prices.

Highlights from the Company’s 2012 guidance are as follows; 2012 annual net sales volumes increase organically to 350 MMcfe/d to 355 MMcfe/d, representing a 5% to 6% increase compared to 2011; and 2012 annual net liquids sales volumes increase organically to 17.5 MBbls/d to 17.8 MBbls/d, representing a 10% increase compared to 2011.

Forest expects total net sales volumes of 350 MMcfe/d to 355 MMcfe/d in 2012, which represents an annual organic growth rate of approximately 5% to 6%. Net sales volumes are expected to be comprised of approximately 70% natural gas and 30% liquids.

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