FST » Topics » Acquisition of Oil and Natural Gas Assets.

This excerpt taken from the FST 8-K filed May 2, 2008.
Acquisition of Oil and Natural Gas Assets.  On May 2, 2008, Forest announced that it had completed it previously announced acquisition of producing oil and natural gas properties including approximately 69,000 gross acres (47,000 net acres) located in its core Ark-La-Tex region in East Texas and North Louisiana.  These assets produced approximately 13 MMcfe/d in 2007 and, based on Forest’s internal review, contained estimated proved oil and gas reserves of 110 Bcfe as of the closing date.  Forest paid cash consideration at closing of approximately $281 million for these assets using its credit facility.  The economic effective date for the transaction was March 1, 2008, and the purchase price is subject to customary post-closing price adjustments.  The press release is furnished and attached to this Current Report on Form 8-K as Exhibit 99.1.


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