An undisclosed buyer plans to acquire certain operated and nonoperated properties in the Rockies from Forest Oil Corp., Denver, (NYSE: FST) for $258 million.
The assets include Forest’s Niobrara and San Juan properties and other properties in Wyoming and Utah. These properties are currently producing 21 million cubic feet equivalent per day and had estimated proved reserves of 81 billion cubic feet equivalent at Dec. 31, 2007.
The deal is expected to close by early December.
Forest’s total asset sales either completed or under contract, including the Rockies package, are expected to yield proceeds of approximately $350 million while disposing of production and estimated proved reserves at Dec. 31, 2007, of 25 million cubic feet equivalent per day and 97 billion cubic feet equivalent. Proceeds from all transactions will be used to pay down Forest's borrowings under its credit facilities.
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