Forest buys Permian, South Texas assets for $102 million - November 16, 2003

Providing coverage of Alaska and northern Canada's oil and gas industryNovember 2003

Vol. 8, No. 46

Week of November 16, 2003

Forest buys Permian, South Texas assets for $102 million

Exploration and production independent Forest Oil has agreed to purchase Permian basin and South Texas oil and gas properties from an undisclosed seller for about $102 million, the company said Nov. 11. The deal is expected to close at year-end.

In addition to 102 billion cubic feet of gas equivalent reserves, the deal included land, pipelines, facilities and offices, Forest said. The properties currently produce about 25 million cubic feet of equivalent per day. Forest said it would use its credit facility to purchase the stock of the private company.

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