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Stock Market & Financial Investment News

News Breaks
January 3, 2013
07:21 EDTFSTForest Oil to Sell South Texas properties for $325M
Forest Oil has entered into a definitive agreement to sell all of its properties located in South Texas, excluding its Eagle Ford Shale oil properties, for after-tax cash proceeds of $325M. The transaction is expected to close on or before February 15, with an effective date of January 1. The properties produced 66 MMcfe/d (86% natural gas) during Q3 2012, had estimated proved reserves of 272 Bcfe (85% natural gas) as of December 31, 2011, and generated approximately $60M of lease-level income during 2012. Forest intends to use the proceeds from this divestiture to pay down debt and retains all of its natural gas hedges.
News For FST From The Last 14 Days
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October 1, 2014
16:54 EDTFSTForest Oil says auditor EY includes 'going concern' opinion
Forest Oil Corporation announced that management and the company’s independent auditor, Ernst & Young, EY, have completed the incremental procedures that were previously disclosed on August 11. No restatements to the previously issued financial statements were identified. Forest filed an amended 2013 Annual Report on Form 10-K and amended Quarterly Reports on Form 10-Q for the first and second quarters of 2014 with the SEC on October 1. Although there were no changes to the financial statements for any period presented, these amendments reflect, among other items, revised opinions and disclosures on internal controls over financial reporting and a modified financial statement opinion from EY that now includes a “going concern” opinion due to the fact that, as previously disclosed, Forest has determined that by year-end 2014 the ratio of its total debt to EBITDA may exceed the maximum allowed under its bank credit facility. Please refer to the amended Annual Report on Form 10-K for a more complete discussion.

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