Capital Markets | Capital Expenditure
Forest Oil Stakes CapEx on Eagle Ford Success
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Forest Oil Corporation has reported that its Board of Directors has approved a 2013 capital budget.
Patrick R. McDonald, President and CEO, commented, "Forest’s 2013 capital budget is designed to maximize our capital efficiency and hold the central fairway of our Eagle Ford acreage position, while allowing us to maintain balance sheet flexibility and ample financial liquidity. We have confidence in the quality of our core assets and the majority of our capital dollars will target oil projects, resulting in an expected 30% pro forma growth in oil volumes as our production mix continues to shift to a higher value liquids stream from less favorable natural gas.
"Importantly, we believe that our planned activity will allow us to return to growth in 2013 as second half average net sales…
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