Forest Oil has sold 5,600 net acres in the Eagle Ford for $15 million. The deal and others are expected as the company focuses on its core area of 40,000 acres. The company also announced it sold South Louisiana properties for $220 million.
In total, Forest now has $277 million in asset sales under agreement. The CEO Patrick McDonald commented:
“We are pleased to announce continued progress in our deleveraging plan with the sale of our non-core South Louisiana properties. Our team has made meaningful strides in improving the Company’s financial position, and we will continue to focus on other non-core divestitures to improve our balance sheet and increase our financial flexibility as we maintain focus on the development of our core oil properties.” [Read more…]