Forest Oil Corp. (NYSE: FST) announced that it has entered into a definitive agreement to sell all of its properties located in south Louisiana for approximately $220 million.
The properties produced 20 MMcf/d (65% liquids) during the third quarter of 2012 and had estimated proved reserves of 45 Bcf (62% liquids) as of Dec. 31, 2011.
Forest intends to use the proceeds from this divestiture to repay outstanding borrowings under its bank credit facility.
Recommended Reading
Tech Trends: Halliburton’s Carbon Capturing Cement Solution
2024-02-20 - Halliburton’s new CorrosaLock cement solution provides chemical resistance to CO2 and minimizes the impact of cyclic loading on the cement barrier.
E&P Highlights: Feb. 16, 2024
2024-02-19 - From the mobile offshore production unit arriving at the Nong Yao Field offshore Thailand to approval for the Castorone vessel to resume operations, below is a compilation of the latest headlines in the E&P space.
Orange Basin Serves Up More Light Oil
2024-03-15 - Galp’s Mopane-2X exploration well offshore Namibia found a significant column of hydrocarbons, and the operator is assessing commerciality of the discovery.
Exclusive: Carbo Sees Strong Future Amid Changing Energy Landscape
2024-03-15 - As Carbo Ceramics celebrates its 45th anniversary as a solutions provider, Senior Vice President Max Nikolaev details the company's five year plan and how it is handling the changing energy landscape in this Hart Energy Exclusive.
E&P Highlights: March 15, 2024
2024-03-15 - Here’s a roundup of the latest E&P headlines, including a new discovery and offshore contract awards.