Forest Oil Announces Reaffirmation of Borrowing Base and Personnel Additions
DENVER--(BUSINESS WIRE)-- Forest Oil Corporation (FST) (Forest or the Company) today announced that its bank group has reaffirmed Forests $1.25 billion borrowing base related to its credit facilities maturing in June 2016. The bank group continues to have $1.5 billion of commitments, and there were no changes in the terms or conditions of the credit facility.
Forest further announced today the addition of Douglas E. Brooks as Senior Vice President, Business Development and Larry C. Busnardo as Director, Investor Relations.
Mr. Brooks has 30 years of experience in the E&P industry and was most recently President and Chief Executive Officer of Compass Resources Corporation I and KA Compass LLC. Prior to that, he spent 24 years with Marathon Oil Company in a succession of business development and land management-related positions of increasing responsibility. His most recent position with Marathon was that of Director, Business Development, North & South America and Mergers and Acquisitions. Mr. Brooks holds a Bachelor of Science Degree in Business Management from the University of Wyoming and a Master of Business Administration degree from Our Lady of the Lake University.
Mr. Busnardo has over 18 years of experience in the E&P industry and was most recently in an Energy Specialty Sales capacity for Macquarie Capital (USA), responsible for covering many of the firms key energy accounts in an equity sales role. Prior to that, he served as Senior Equity Research Analyst at Tristone Capital (USA) and also at Petrie Parkman & Company. He started his career as Manager of Investor Relations for Barrett Resources Corporation. Mr. Busnardo holds a Bachelor of Science Degree in Accounting from Metropolitan State College of Denver.
H. Craig Clark, President and CEO, stated, "The reaffirmation of our borrowing base validates our efforts of moving to a commodity-balanced asset base and a continued focus on organically growing our liquids production. We are also pleased to announce that Doug and Larry are joining Forest. They are both high-quality and experienced individuals who will be able to contribute immediately and strengthen our already deep bench of technical and financial professionals.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, that address activities that Forest assumes, plans, expects, believes, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements provided in this press release are based on management's current belief, based on currently available information, as to the outcome and timing of future events. Forest cautions that future natural gas and liquids production, revenues, cash flows, liquidity, plans for future operations, expenses, outlook for oil and natural gas prices, timing of capital expenditures, and other forward-looking statements relating to Forest are subject to all of the risks and uncertainties normally incident to their exploration for and development and production and sale of oil and gas.
These risks relating to Forest include, but are not limited to, oil and natural gas price volatility, its level of indebtedness, its ability to replace production, its ability to compete with larger producers, environmental risks, drilling and other operating risks, regulatory changes, credit risk of financial counterparties, risks of using third-party transportation and processing facilities and other risks as described in reports that Forest files with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Any of these factors could cause Forest's actual results and plans to differ materially from those in the forward-looking statements.
Forest Oil Corporation is engaged in the acquisition, exploration, development, and production of natural gas and liquids in the United States and selected international locations. Forest's principal reserves and producing properties are located in the United States in Arkansas, Louisiana, Oklahoma, Texas, Utah, and Wyoming. Forest's common stock trades on the New York Stock Exchange under the symbol FST. For more information about Forest, please visit its website at www.forestoil.com.
April 26, 2012
Forest Oil Corporation
Larry C. Busnardo, 303-812-1441
Director, Investor Relations
Source: Forest Oil CorporationCopyright Business Wire 2012