- Forest Oil (FST) +12.1% premarket after yesterday's post-close announcement of a $1B sale of its Texas Panhandle oil and gas assets to a company backed by PE firm First Reserve.
- The sales price is greater than FST's ~$770M market cap.
- FST says the sale enables it to focus development of its core Eagle Ford Shale assets; it doesn't expect to incur any income taxes on the sale and intends to use the proceeds primarily to reduce debt and bolster financial flexibility.
- The properties sold have produced ~100M cf/day YTD and have estimated proved reserves of 517B cf of gas; FST had said earlier that it was seeking a buyer for the assets after receiving unsolicited offers.
From other sites
at CNBC.com (Dec 12, 2014)
at Nasdaq.com (Nov 25, 2014)
at MarketWatch.com (Oct 16, 2014)
at MarketWatch.com (May 6, 2014)
at MarketWatch.com (Feb 14, 2014)
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