More US E&P independents taking merger plunge

Click here to enlarge imageThe urge to merge continues among US upstream independents, with two pairs of midsized companies combining to form bigger ones.Forest Oil Corp., Denver, and Forcenergy Inc., Miami, have announced their intention to merge. The move will create one of the 10 largest independent exploration and production companies in the US, say the firms.The combined company will be called Forest Oil Corp. and will be headquartered in Denver. It will initially have about 48 million shares outstanding and a market capitalization of more than $1.5 billion, based on Forest's July 7 closing price of $16/share.Chesapeake Energy Corp., Oklahoma City, announced Friday that it will...

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