Forest Oil (FST) Expands Acreage in Permian Basin
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Forest Oil Corporation (NYSE: FST) announced its acreage position of 68,500 gross acres (63,000 net) prospective for the Wolfbone oil play in Pecos and Reeves Counties, Texas. The Wolfbone acreage increases Forest’s total Permian Basin acreage position, inclusive of Forest’s Wolfcamp Shale acreage position in Crockett County, Texas, of 57,500 gross acres (51,500 net), to 126,000 gross acres (114,500 net), providing a significant, concentrated, geographic footprint in the Delaware and Midland Basins.
Total consideration paid for the acreage, acquired through a series of transactions, included an aggregate of $66 million of cash and approximately 2.7 million shares of Forest Oil’s common stock.
Total consideration paid for the acreage, acquired through a series of transactions, included an aggregate of $66 million of cash and approximately 2.7 million shares of Forest Oil’s common stock.
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