Finance / United States
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Forest Oil Acquires Producing Assets
August 2008 | M&A News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Denver-based Forest Oil has entered into a definitive agreement with Cordillera Texas to acquire around 118,000 gross acres of producing assets. The acquisition, valued at US$892mn, will be paid for with a combination of cash and 3.5mn of Forest Oil common stock. Initially Forest Oil plans to fund the acquisition with its existing credit facility, but it will ultimately fund it with the sale of non-core assets valued at US$500-600mn. This is in addition to the other US$300-500mn in assets it has already put up for sale. Patrick Redmond, director of Forest Oil investor relations, told CFW that 'the first