Forest Oil Corporation (NYSE:FST) planning to sell Forest’s oil and gas assets located in the Texas Panhandle


Dallas, Texas 07/18/2013 (Financialstrend) – Forest Oil Corporation (NYSE:FST) announced that it is looking to sell Forest’s oil and gas assets located in the Texas Panhandle, after receiving proposals for acquisition from third parties interested Board of Directors of Forest Oil Corporation decided to start marketing process to sell the company’s assets in Texas. The sale is carried out in order to focus more on oil plants operations in South Texas Eagle Ford shale. The company appointed J.P. Morgan Securities LLC to help in its marketing process related to pursuance of the sales.

Patrick R. McDonald, President and CEO of Forest Oil Corporation said , “As delineated substantial oil, natural gas and natural gas liquids resources in the Texas Pan handle because of drilling for several years. We look forward to the sale of the oil properties in Texas Panhandle assets so that it allows us to lower our indebtedness and improve our financial position”. Forest Oil Corporation is involved in the exploration, acquisition, production and development of natural gas and liquids in the United States and several other localities. Forest Oil Corporation primary reserves and production are situated in US in Oklahoma, Louisiana, Arkansas, Wyoming and Texas.

There had been a decrease of 0.77% in the shares of Forest Oil Corporation (NYSE: FST) which closed at $5.14 per share on Wednesday. The stock had presented intraday fluctuations on the range of $5.08 to $5.32 per share, after opening at $5.18 for the day. The company had recorded 52 week low at $3.77 and 52 week high at $9.32 per share.

There are 119.29 million shares outstanding with a market cap of $613.17 million and an institutional ownership of 108% of the total capital. The trading volume on Wednesday was 5.37 million shares and the average volume is at 4.04 million shares per day.