Forest Oil Corporation (NYSE:FST) To Divest Assets
Templar Energy LLC is Forest Oil Corporation (NYSE:FST)’s oil and gas asset. Last week, the company said that it will divest these assets for an amount of $1B. The company is in every effort to bring down its debt and has sold a number of its assets since last year. Forest Oil Corporation (NYSE:FST) said that this deal will also give it the freedom to continue developing the company’s Eagle Ford shale wells. This energy rich formation is located in the south of Texas. The company has some energy properties in Oklahoma, Louisiana, Wyoming and Arkansas.
Templar is a privately-owned company and Forest Oil Corporation (NYSE:FST)’s deal with it is expected to be closed by 25 November. The company’s stock has dropped 24 percent in the past 12 months.
Friday’s trading session
In Friday’s trading, Forest Oil Corporation (NYSE:FST) dropped by 9.61%. The opening price of the shares was $6.50, which climbed to an intraday high of $6.52 and dipped to a close of $5.74. Approximately 18.03 million shares were traded on Friday while an average volume of 4.14 million shares were traded over a 30 day period. The 52-week low of Forest Oil Corporation (NYSE:FST) shares is $3.77 and its 52-week high is $9.12. The company has a market capitalization of $689.25 million.
About the company
Forest Oil Corporation (NYSE:FST) is an independent O&G company that is involved in acquiring, exploring, developing, and producing O&G, and natural-gas liquids in North America. As of 31 December 2011, its total estimated proved O&G reserves were around 1,904B of cubic-feet equivalents. As of 31 December 2011, around 97 percent of its estimated proved O&G reserves were in the U.S. Its core-areas consist of a vast portfolio of carbonates, tight-gas sands and shale-plays with multiple-stacked pay opportunities in the U.S that has exposure to O&G liquids, and natural-gas.