Forest Oil: Strategic Challenges Are Not Over
Forest Oil: Strategic Challenges Remain
Richard Zeits • 12 Comments
Richard Zeits • 12 Comments
Nov. 17, 2014, 4:52 PM
- Forest Oil (NYSE:FST) +8.8% AH on news it agrees to sell its natural gas properties located in the Arkoma Basin to an unnamed buyer for ~$185M.
- The transaction is not related to FST's pending merger with Sabine Oil & Gas, and Sabine has given its consent to the sale; FST has scheduled the special shareholder meeting for Nov. 20 to vote on the proposed combination.
Nov. 10, 2014, 5:03 PM
- Forest Oil (NYSE:FST): Q3 EPS of $0.00 beats by $0.05.
- Revenue of $62M (-47.9% Y/Y) misses by $5.31M.
Oct. 27, 2014, 12:49 PM
Oct. 22, 2014, 12:47 PM
Oct. 6, 2014, 6:33 PM
- Forest Oil (NYSE:FST) discloses it had agreed to acquire certain Texas oil and gas properties from BP for $20M.
- Earlier, FST and Sabine Oil & Gas attempted to reassure investors that the companies still expect to complete their proposed merger before the end of the year, but FST shares fell 5.5% anyway.
- FST scheduled a Nov. 20 special meeting for shareholders to vote on the proposed stock swap that would leave them with a 26.5% share of the combined companies.
Oct. 3, 2014, 9:10 AM
Oct. 1, 2014, 5:44 PM
- Forest Oil (NYSE:FST) says it completed the audit procedures which caused a delay in filing its latest 10-Q, with no changes to previously reported financial results.
- FST files amended 2013 10-K and Q1 and Q2 2014 quarterly reports on form 10-Q with no changes to the financial statements; disclosures include a "going concern" opinion due to the fact that, as previously disclosed, FST has determined that by year-end 2014 the ratio of its total debt to EBITDA may exceed the maximum allowed under its bank credit facility.
Aug. 12, 2014, 7:46 AM
- Forest Oil (NYSE:FST) -5% premarket after disclosing it will need more time to file its 10-Q form after identifying "material weaknesses" in its internal controls.
- FST says it does not believe the material weaknesses resulted in a misstatement of its financial statements on Form 10-K for last year, but says it is auditing the procedures.
- FST warns the review may change the results included in its Q2 earnings report issued yesterday, in which EPS and revenues failed to meet Wall Street expectations.
Aug. 11, 2014, 6:40 PM
- Forest Oil (NYSE:FST): Q2 EPS of -$0.06 misses by $0.04.
- Revenue of $60.44M (-48.3% Y/Y) misses by $7.68M.
Jul. 25, 2014, 5:37 PM
Jul. 10, 2014, 9:41 AM
- Forest Oil (FST -2.1%) and Sabine Oil & Gas revise the terms of their merger agreement so that Sabine will now be acquired by FST, rather than FST merging with a Sabine unit.
- FST also adopts a shareholder rights plan, with a 5% trigger on shareholders who have shorted the company's debt; FST says it is concerned that investors with short positions in its debt securities could attempt to negatively influence or manipulate the merger vote in an effort to drive down debt prices.
- The revised structure does not alter the economic terms of the all-stock transaction; when the deal is completed, current FST shareholders will own ~26.5% of the combined business, the same as under the original contract.
Jun. 17, 2014, 12:50 PM
Jun. 17, 2014, 9:18 AM
Jun. 17, 2014, 8:30 AM
- Forest Oil (FST) +18.9% premarket as Sabine Oil & Gas says committed financing is fully in place for its acquisition of the company.
- Sabine CEO David Sambrooks refutes yesterday's report that the $850M bridge financing facility was pulled, and says the financing commitment needed for the transaction with FST remains in place and unchanged.
Jun. 16, 2014, 5:02 PM
- Forest Oil (FST -17.6%) plunged late in today's regular trading after Sabine Oil & Gas pulled an $850M loan that was being raised to back its acquisition of the company, according to Bloomberg.
- Proceeds of the unsecured debt were to repay FST borrowings in connection with the purchase, the report says.
- Sabine Oil had agreed last month to buy FST in an all-stock deal, without providing a value.
May 6, 2014, 12:45 PM
Forest Oil Corp is an independent oil and gas company engaged in the acquisition, exploration, development, and production of natural gas and liquids in North America.
Sector: Basic Materials
Industry: Independent Oil & Gas
Country: United States
Other News & PR