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.
Denver, CO 80202
Founded in 1916
Forest Oil Corporation Auditor Raises 'Going Concern' Doubt
Oct 1 14
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
Aug 11 14
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.