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A few weeks ago, Forest Oil (FST) announced that it intends to sell all of its Texas Panhandle properties to pay down its onerous debt.

Patrick R. McDonald, President and CEO said: "Our significant acreage position, which is largely operated by Forest and held by production, presents a large-scale, low-risk development opportunity. If completed, the sale of the Texas Panhandle assets should allow us to reduce meaningfully our indebtedness and enhance our financial flexibility and ability to accelerate development of our assets".

He added: "Upon successful completion of a transaction, Forest's remaining asset portfolio will be anchored by its ongoing oil development opportunity in the Eagle Ford Shale, where oil production is projected to more than...

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