October 25, 2014 4:55 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Forest Oil Corporation

Company Overview

Forest Oil Corporation, an independent oil and gas company, is engaged in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids primarily in North America. As of December 31, 2013, it primarily had interest in 162,000 net acres in the Ark-La-Tex in East Texas, Louisiana, and Arkansas; 24,500 net acres in the Eagle Ford located in Gonzales County in South Texas; and 63,500 net acres in the Permian Basin in West Texas. It also had approximately 625 billion cubic feet equivalent of total estimated proved oil and gas reserves in the United States. The company was founded in 1916 and is headquartered in Denver, Colorado.

707–17th Street

Suite 3600

Denver, CO 80202

United States

Founded in 1916

363 Employees

Phone:

303-812-1400

Key Executives for Forest Oil Corporation

Chief Executive Officer
Age: 57
Total Annual Compensation: $655.0K
Chief Financial Officer
Age: 41
Total Annual Compensation: $437.8K
Senior Vice President of Corporate Engineering and Technology
Age: 59
Total Annual Compensation: $412.3K
Senior Vice President of Southern Region
Age: 56
Total Annual Compensation: $352.6K
Compensation as of Fiscal Year 2013.

Forest Oil Corporation Key Developments

Forest Oil Corporation Auditor Raises 'Going Concern' Doubt

Forest Oil Corporation filed its 10-K/A on Oct 01, 2014 for the period ending Dec 31, 2013. In this report its auditor, Ernst & Young LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

Forest Oil Corporation Reports Unaudited Consolidated Earnings and Operational Results for the Second Quarter Ended June 30, 2014; Maintains Financial and Operational Guidance for the Full Year of 2014

Forest Oil Corporation reported unaudited consolidated earnings and operational results for the second quarter ended June 30, 2014. For the quarter, the company reported total revenues of $60,435,000, loss before income taxes of $82,795,000, net loss of $82,717,000 or $0.71 per basic and diluted share against total revenues of $11,814,000, income before income taxes of $33,227,000, net earnings were $33,439,000 or $0.28 per basic and diluted share a year ago. Net cash provided by operating activities was $4,887,000 compared to $76,090,000 a year ago. Capital expenditures for property and equipment: Exploration, development, leasehold, and acquisition costs were $48,406,000 compared to $103,434,000 a year ago. Capital expenditures for property and equipment: Other property and equipment were $1,274,000 compared to $847,000 a year ago. Total capital expenditures was $52,464,000 compared to $45,888,000 a year ago. For the period, the company total average net sales volumes was 99.6 MMcfe/d. Incorporating the operational results for the first half of 2014 and maintaining a disciplined capital program ahead of the proposed merger with Sabine Oil & Gas will result in spending less capital and in a corresponding reduction in the number of wells drilled during the second half of 2014. Accordingly, the company is adjusting its 2014 full-year guidance as follows: Drilling and completion capital is expected to be in a range of $220 million to $230 million (excluding capitalized interest, capitalized stock-based compensation, and asset retirement obligations incurred) for 2014 as compared to a previous range of $260 million to $270 million. This will fund a three rig program in the Ark-La-Tex and a one rig program in the Eagle Ford. The total capital budget is expected to be in a range of $240 million to $250 million compared to a previous range of $290 million to $310 million. Average net sales volumes are expected to be in a range of 105 -- 110 MMcfe/d for 2014. The liquids component of its equivalent production is expected to average approximately 33% of the average net sales volumes. Production expense, which includes lease operating expense, ad valorem taxes, production taxes, and product processing, gathering and transportation, is expected to average $1.95 to $2.05 per Mcfe compared to a previous range of $1.55 to $1.65 per Mcfe. Depreciation, depletion and amortization expense is expected to be $2.30 to $2.40 per Mcfe compared to a previous range of $2.45 to $2.65 per Mcfe.

Forest Oil Corporation announced delayed 10-Q filing

On 08/11/2014, Forest Oil Corporation announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
October 6, 2014
Oil and Gas Assets
Merger/Acquisition
May 6, 2014
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