Lone Pine Resources (NYSE:LPR) is an independent Oil & Gas Drilling & Exploration, development, and production company and is a carve-out of Forest Oil's Canadian E&P operations who owns 82.3% of our outstanding shares of common stock upon the IPO date. With approximately 1.1 million gross (.8 million net) acres of land (approximately 80% of which is undeveloped) and approximately 181 gross (139 net) proved undeveloped drilling locations, the company plans to focus on horizontal drilling and multi-stage hydraulic fracture stimulation techniques to recover largely undeveloped Oil shale reserves. The company operates primarily in the Western Canadian Sedimentary Basin as well was Quebec and in the southwest portion of the Northwest Territories. 
Similar to other Oil and gas companies, Lone Pine Resources faces significant capital expenditures to conduct daily operations and maintenance of production equipment. Additionally, the company must manage a balanced portfolio of revenue streams over a diversified acreage of land in order to maintain consistent growth despite volatile pricing and oil and gas supplies. As large oil reserves are becoming increasingly more challenging to find, the industry has recently been pushing newer, more costly technologies such as horizontal drilling and multistage hydraulic fracture models to develop riskier, smaller, and less certain reserves. 
The company's initial public offering of stock on the NYSE occurred on May 25, 2011. The company offered 15M shares each for $13. This was below the range of $18-$20. The company will sell its shares on both the New York Stock Exchange and the Toronto Stock Exchange. The offering raised a total of $195M. The lead managers of the IPO were J P Morgan Chase (JPM), Credit Suisse Group (CS), and TD Securities.
During the full year 2010, the company reported a total revenue of $146M and its net income $34M.