The well, drilled to 20,203 feet measured depth, is the deepest deviated well ever drilled in Cook Inlet, the company said. Forest is operator and 100 percent working interest owner at the Redoubt Shoal field.

The company said that as a result of this well, in combination with successful drilling in other regions, Forest has replaced in the first quarter of 2002 more than its currently forecasted production for the entire year.

The well encountered the Hemlock formation at 18,872 feet and logged approximately 229 feet of net oil pay. Forest is currently completing the well.

The well, which was designed to determine the down dip limit of the field, extended the lowest known oil by approximately 50 feet without encountering the oil-water interface. Forest said it estimates the recoverable oil in Redoubt Shoal will be at least 100 million barrels (85 million barrels, net).

The well also encountered 589 feet of net natural gas pay in multiple shallow sands. This discovery will be further delineated during the oil development drilling program.

Forest said it will spud the Redoubt No. 5 within the next month to define the western limit of the oil accumulation and to further delineate the extent of the natural gas field. Forest confirmed that the Redoubt Shoal field development is on schedule for first production by the end of 2002, subject to regulatory approval.