Business

Oct 4, 2013 3:45 PM by Juice Godfrey

Forest Oil selling Texas Panhandle assets for $1B

DENVER (AP) - Forest Oil Corp. said Thursday that it will sell Templar Energy LLC its Texas Panhandle oil and gas assets for $1 billion as it works to cut its debt.

Forest Oil has been selling assets to help lower its debt since last year. The company said that the deal also lets it keep developing its Eagle Ford Shale wells. The energy-rich formation is in southern Texas. Forest also has energy properties in Arkansas, Louisiana, Oklahoma and Wyoming.

The deal with Templar, a privately held company, is expected to close by Nov. 25.

Shares of Forest, which is based in Denver, are up 6.3 percent to $6.75 in after-hours trading. The company's stock has dropped 24 percent in the past 12 months.

»Comments

More News

Weather - Forecast
Story Photo

14 hours ago

Playing Dodgeball with Showers

Scattered showers and a few thunderstorms have developed across southern Colorado Saturday afternoon. The chance for rain will remain in the forecast...

Most Popular

Top Videos

1 2 3 4