Top Story | Deals - Acquisition, Mergers, Divestitures
Forest Oil Plans to Sell TX Panhandle Assets
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Forest Oil Corporation has reported 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.
Patrick R. McDonald, President and CEO commented, "Over the last several years, drilling and completion efforts by Forest and other companies have delineated substantial oil, natural gas and natural gas liquids resources in the Texas Panhandle. Our significant acreage position, which is largely…
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